UniCredit has sold minority stakes in its Polish arm Bank Pekao and its online bank FinecoBank, as part of its strategy to boost capital under new CEO Jean-Pierre Mustier.
The Italian lender disposed 26.2 million existing ordinary shares in the Polish subsidiary to institutional investors for PLN3.3bn ($830.2m). The shares represented about 10% of the company's issued share capital.
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UniCredit continues to own 40.1% of the Polish bank following the sale.
Meanwhile, UniCredit also sold about 60.7 million ordinary shares of FinecoBank to institutional investors for EUR328m. The shares represented 10% of the company's issued share capital.
UniCredit continues to hold 55.4% of the online bank after the sale, which was announced on 11 July 2016.
“UniCredit confirms its key focus on delivering its unique Western, Eastern and Central European network to its extensive client base. This transaction should be seen as part of the commitment of the Group to reinforce and optimize its capital position and a renewed impetus of pro-active portfolio management in which all assets, with no exception, will be subject to the same disciplined capital management and any incremental value creating opportunities will be seized,” UniCredit said.
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