Goldman Sachs Holds Significant Derivative Position in UniCredit

MILAN (Reuters) – As of September 30, Goldman Sachs has derivative positions in UniCredit equivalent to a 6.7% stake in the Italian bank, primarily through swap and futures contracts as well as call options, according to a regulatory filing released on Monday.

The position is managed by Goldman Sachs International and nine other subsidiaries. If exercised, this stake would position the U.S. bank among the top investors in UniCredit, which has BlackRock (NYSE:BLK) as its largest shareholder with a 7.02% stake.

In related filings with Italian market regulator Consob, it was revealed that Barclays also holds shares and derivatives in the Italian bank Monte dei Paschi di Siena, which, if exercised, would result in a 5.3% stake in the lender.

These positions are managed through Barclays Capital Securities Limited, Barclays Bank PLC, and Barclays Capital Inc. They consist of a voting stake of just 0.92%, with an additional 4.2% being long positions to be settled in shares.