MILAN (Thomson Financial) - UniCredit SpA. will finalise the sale to an
Italian banking consortium of the 186 branches it must sell for antitrust
reasons later Friday, a source very close to the operation said.
He said the overall price will be "a little below 750 million euros".
According to reports the banking consortium is made up of 13 banks,
including Banca Popolare di Milano, Banca Carige, Banca Popolare dell'Emilia
Romagna and Credito Emiliano.
On Thursday, Credito Emiliano said it has called an extraordinary
shareholders meeting on June 26 to approve a rights issue of up to 500 million
euros.
The rights issue will be used to strengthen the bank's capital ratios in the
light of its plans to grow externally through the acquisition of bank branches
and distribution networks, the bank said.
stephen.jewkes@thomsonreuters.com
sj/ajb
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