UniCredit Sells 10% Stake in FinecoBank for EUR328 Million
July 12 2016 - 3:53AM
Dow Jones News
By Liam Moloney
ROME--UniCredit SpA (UCG.MI) said Tuesday it has put a stake in
financial services company FinecoBank SpA (FBK.MI) up for sale for
about 328 million euros ($364.1 million), as part of the Italian
bank's focus to boost capital.
In a statement, Italy's biggest bank by assets said it placed
the 10% stake in FinecoBank via an accelerated bookbuilding process
at a price of EUR5.40 a share. UniCredit said it will hold a 55.4%
stake in the financial services company once the placement is
completed.
The sale will boost UniCredit's common equity Tier 1 ratio,
which gauges capital solidity, by about eight basis points.
UniCredit announced its intention to sell the FinecoBank stake
on Monday.
Write to Liam Moloney at liam.moloney@wsj.com
(END) Dow Jones Newswires
July 12, 2016 03:38 ET (07:38 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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