Italian banking group UniCredit has closed the sale of its 32.8% stake in its Polish arm Bank Pekao to local financial organisations PZU and PFR.
The deal, announced in December 2016, is valued at PLN10.6bn ($2.6bn).
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UniCredit said that the sale will boost its fully loaded CET1 ratio by 70 basis points.
In July 2016, UniCredit offloaded minority stakes in Bank Pekao and its online bank FinecoBank.
All these transactions are part of the group’s strategy to bolster capital under CEO Jean-Pierre Mustier.
The strategy, unveiled in last year July, will cover various areas of the bank, will focus on capital optimisation, cost cuts, cross selling, and improved risk discipline.
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