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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Finecobank SpA | BIT:FBK | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.03 | -0.19% | 16.045 | 15.83 | 16.11 | 16.075 | 15.825 | 15.90 | 1,500,079 | 02:01:19 |
From Jul 2019 to Jul 2024
By Manuela Mesco
MILAN--Italian lender UniCredit SpA (UCG.MI) said Thursday that its gross proceeds from the sale of a 20% stake in online broker FinecoBank SpA (FBK.MI) was about 552 million euros ($608.03 million).
The bank, which on Wednesday launched the sale through an accelerated book building process, said it sold the stake at EUR4.55 a share, a discount of about 5% to FinecoBank's last closing price.
The sale is expected to increase the bank's CET1 capital ratio by about 12 percentage points. It still holds a 35% controlling stake in FinecoBank.
The operation follows the previous sale of a 10% FinecoBank stake and 10% in Poland's Bank Pekao SA, just after Jean-Pierre Mustier took over as UniCredit's chief executive in July.
The bank said it would announce a new strategic plan in mid December which analysts say may include a multibillion capital increase, more asset sales and drastic cost cuts.
-Write to Manuela Mesco at manuela.mesco@wsj.com
(END) Dow Jones Newswires
October 13, 2016 02:35 ET (06:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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