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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Unicredit Spa | BIT:UCG | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.49 | -1.40% | 34.58 | 34.51 | 34.82 | 35.25 | 34.54 | 35.095 | 8,234,527 | 17:00:00 |
From May 2021 to May 2024
By Mauro Orru
UniCredit SpA has agreed to sell its stake in Turkish bank Yapi ve Kredi Bankasi AS to industrial conglomerate KOC Holding AS for a consideration of 300 million euros ($347.6 million), in a deal aimed at bolstering its capital strength.
The Italian bank said late Monday that KOC Holding would buy an 18% stake in Yapi Kredi as part of a share-purchase agreement the conglomerate signed with UniCredit in 2019.
UniCredit said it expects to complete the sale to KOC Holding in the first quarter next year, and sell the remaining 2% of its stake in Yapi Kredi on the market.
The Italian lender said the deal would have an overall low-mid single-digit positive impact on its consolidated common equity Tier 1 ratio, a key benchmark of banking strength.
However, UniCredit said it expects a negative impact of roughly EUR1.6 billion for the year, citing the foreign-exchange revaluation reserve related to its Yapi Kredi stake.
UniCredit recently reported a jump in third-quarter net profit and raised its targets for the year.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
November 09, 2021 01:46 ET (06:46 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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