Italy's biggest bank UniCredit on Tuesday launched the sale of a 17 percent...
MILAN - Italy’s biggest bank UniCredit on Tuesday launched the sale of a 17 percent stake in online brokerage business FinecoBank as part of efforts to bolster the group’s financial strength.
UniCredit flagged the possible stake sale early on Tuesday and later said it had begun the process to place the shares with investors, known as an accelerated book build. The bank will also gradually reduce its exposure to Italian government bonds and cut its bad loan portfolio to exceed a 2019 target for a reduction of 14.9 billion euros in soured debts at its so-called non-core unit.
“However, this decision does seem more strategic than forced as UniCredit are currently on course to meet management capital targets” of a 2019 core capital ratio of 12-12.5 percent, he added. Like other Italian banks, it is suffering from political instability in the euro zone’s third-biggest economy, whose populist government is struggling to kick-start growth.
CEO Jean Pierre Mustier started reducing the bank’s stake in Fineco when he arrived at UniCredit in mid-2016 with a mandate to beef up the bank’s capital strength and turn it around.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Kim Kardashian is funding a legal team that has freed 17 inmatesThe reality TV star is bankrolling a legal effort to free prisoners under the new prison reform law.
और पढो »
Apple's iPhone sales fall 17% from prior yearThe iPhone helped catapult Apple to become the world's most valuable company. Now, the smartphone is dragging down the business as sales have fallen 17% from the previous year.
और पढो »
Apple’s iPhone Revenue Drop 17%Apple reported another quarterly decline in profit and revenue, as iPhone sales fell 17%. Shares, though, rose in after-hours trading as the company raised its dividend and said it planned to buy back more stock.
और पढो »
17 'Avengers: Infinity War' Details You Probably Missed In17 Mind-Blowing Details In 'Avengers: Infinity War' That Will Make You Want To Re-Watch It ASAP
और पढो »
Lyanna Mormont Was The Best Damn Part Of 'Game Of Thrones' And Here's Why17 Times Lyanna Mormont Was The Best Damn Part Of “Game Of Thrones”
और पढो »