MILAN (Reuters) – Italy’s biggest bank by assets, UniCredit SpA (CRDI.MI), said on Tuesday its top managers had decided to waive their entire 2020 bonus pay and that the bank would donate an equivalent amount to the UniCredit Foundation to support social initiatives.

“The UniCredit Remuneration Committee … welcomed and appreciated the responsible managerial decision, considering the uncertain impact on the European economy of the current COVID-19 epidemic and its evolution over the next months,” the bank said in a note.

Earlier on Tuesday, the head of rival heavyweight Intesa Sanpaolo (ISP.MI), Carlo Messina, said he was donating 1 million euros ($1.10 million) of his 2019 bonus pay to support healthcare projects to fight the coronavirus, while another 5 million euros would be donated by the 21 top managers reporting directly to the CEO.

Both UniCredit and Intesa this week put on hold dividend payments to comply with regulatory calls to preserve capital.

($1 = 0.9083 euro)

Reporting by Valentina Za in Milan; Editing by Matthew Lewis

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