UniCredit Takes Measures to Potentially Exit FinecoBank

Date : 05/07/2019 @ 7:31AM
Source : Dow Jones News
Stock : Unicredit (UCG)
Quote : 10.486  0.382 (3.78%) @ 4:35PM
Unicredit share price Chart

UniCredit Takes Measures to Potentially Exit FinecoBank

Unicredit (BIT:UCG)
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   By Sarah Sloat 
 

UniCredit SpA (UCG.MI) said Tuesday that it may eventually exit FinecoBank Spa (FBK.MI), after both companies' boards of directors took measures to allow Fineco to operate as an independent entity.

"As a fully independent company, Fineco would be able to fully focus on its own strategic development and standalone growth prospects," the Italian bank said.

Fineco, a multichannel bank within UniCredit, has limited synergies within the larger group, UniCredit said. To prepare for a potential exit, the banks have taken measures to reduce Fineco's credit exposure to UniCredit.

 

Write to Sarah Sloat at sarah.sloat@wsj.com

 

(END) Dow Jones Newswires

May 07, 2019 02:16 ET (06:16 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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