UniCredit to Sell EUR1.13 Billion FinecoBank Stake

   By Patrick Costello

UniCredit SpA (UCG.MI) said Monday that it was launching an accelerated bookbuild for the placement of its residual stake in FinecoBank SpA (FBK.MI).

The Italian bank said the placement represents roughly 18.3% of FinecoBank's share capital and is the equivalent of UniCredit's entire shareholding in the company. The sale will arranged with certain institutional investors via an accelerated bookbuilding, it said.

FinecoBank shares closed down 3.6% on Monday, valuing UniCredit's stake at around 1.13 billion euros ($1.27 billion) according to FactSet.

UniCredit said the disposal was part of its wider efforts to target a Common Equity Tier 1 ratio at the upper end of 200 to 250 basis points by the end of 2019.

In May, UniCredit sold a 17% stake in FinecoBank for roughly EUR1.01 billion euros and said it would deconsolidate FinecoBank from its financial statements.

Write to Patrick Costello at patrick.costello@dowjones.com.

(END) Dow Jones Newswires

July 08, 2019 12:41 ET (16:41 GMT)

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