FBK Finecobank SpA

   By Pietro Lombardi 
 

UniCredit SpA (UCG.MI) got roughly 1.01 billion euros ($1.13 billion) from the sale of a 17% stake in multichannel bank FinecoBank SpA (FBK.MI).

The Italian bank sold its stake at EUR9.80 per share, which corresponds to a roughly 4.4% discount to the pre-announcement closing price of Fineco, it said Wednesday.

The deal should boost the banking giant's capital by about 21 basis points, an increase that will be reported in the second quarter.

UniCredit's stake in Fineco falls to about 18% after this sale and it will deconsolidate Fineco from its financial statement, classifying the remaining stake as a financial asset. It had a stake of more than 35%, according to FactSet, and it had sold 30% of its stake in 2016.

"The placement is the first step in a number of comprehensive financial measures set to prepare for the 2020-2023 business strategy to be presented at UniCredit's Capital Markets Day on 3 December 2019 in London," UniCredit said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

May 08, 2019 02:49 ET (06:49 GMT)

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