UniCredit to sell 10% stake in FinecoBank

UniCredit has put a 10% stake in FinecoBank up for sale through an accelerated bookbuilding process at €5.40 per share. The sale is expected to reach €326m, boosting UniCredit's common equity Tier 1 ratio by about eight basis points. Following the sale, UniCredit will retain a 55.4% stake in FinecoBank.

Finecobank (BIT:FBK)

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By Liam Moloney

ROME--UniCredit SpA (UCG.MI) said Tuesday it has put a stake in financial services company FinecoBank SpA (FBK.MI) up for sale for about 328 million euros ($364.1 million), as part of the Italian bank's focus to boost capital.

In a statement, Italy's biggest bank by assets said it placed the 10% stake in FinecoBank via an accelerated bookbuilding process at a price of EUR5.40 a share. UniCredit said it will hold a 55.4% stake in the financial services company once the placement is completed.

The sale will boost UniCredit's common equity Tier 1 ratio, which gauges capital solidity, by about eight basis points.

UniCredit announced its intention to sell the FinecoBank stake on Monday.

Write to Liam Moloney at liam.moloney@wsj.com

(END) Dow Jones Newswires

July 12, 2016 03:38 ET (07:38 GMT)

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