Unicredit sells 20% of FinecoBank’s capital

Italian financial group UniCredit has announced the completion of the placement with institutional investors of approximately 121.4 million existing ordinary shares in FinecoBank, representing 20% of the company’s issued share capital, at a price of €4.55 per share.

The closing of the placement, whose gross proceeds amount to around €552m, is expected on 17 October 2016.

UniCredit said it will continue to control and consolidate the FinecoBank with a shareholding of 35%.

The company has agreed to a 360 days lockup period from the closing of the placement.

“No additional sales of shares of FinecoBank will be made by UniCredit during the lock-up period without the consent of UBS Limited on behalf of the Joint Bookrunners,” UniCredit said.

ABOUT THE AUTHOR
Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

Read more from Adrien Paredes-Vanheule

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