UniCredit Launches Sale of 20% Stake in FinecoBank
October 12 2016 - 2:10PM
Dow Jones News
MILAN—Italian lender UniCredit SpA said Wednesday it launched
the sale of a 20% stake in online broker FinecoBank SpA, the latest
in a series of transactions aimed at shoring up the bank's capital
before it unveils a strategic plan in December.
The bank said the sale will take place via an accelerated book
building addressed only to certain institutional investors and may
be closed at any time.
It added that after the sale it will still hold a 35%
controlling stake in FinecoBank.
The sale of the stake follows the sale of an additional 10%
stake in FinecoBank and 10% in Poland's Bank Pekao SA, just after
Jean-Pierre Mustier took over as the new chief executive of the
bank in July.
The bank said it would unveil a new strategic plan in
mid-December, which according to analyst may include a multibillion
capital increase, more asset sales and drastic cost cuts.
Write to Giovanni Legorano at giovanni.legorano@wsj.com
(END) Dow Jones Newswires
October 12, 2016 13:55 ET (17:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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