Intesa Sanpaolo CEO Carlo Messina has said a multi-million dollar bet against his company is doomed to fail.
The world's largest hedge-fund firm Bridgewater Associates, has mounted a reported $713 million wager against Italian financial stocks. Its biggest bet is calculated to be against Intesa Sanpaolo.
The short position, which aims to profit on a fall in the bank's shares price were disclosed in regulatory filings and reported by Bloomberg on Friday.
Intesa Sanpaolo CEO Carlo Messina said that the Ray Dalio, who runs Bridgewater, was going to lose money on his bet.
"So I have to tell you that in my view they will lose significant opportunity to make money with these good Italian shares," he told CNBC on the sidelines of the International Monetary Fund meetings in Washington D.C.