UniCredit Sells 10% of Poland’s Bank Pekao to Boost Capital
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26.2 million shares sold for $830 million, Italian firm says
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Sale is second since Mustier was appointed UniCredit CEO
UniCredit SpA, Italy’s biggest bank, said it sold 10 percent of Bank Pekao SA as the lender’s new chief executive officer, Jean Pierre Mustier, seeks to bolster capital levels.
The Italian firm sold 26.2 million shares in Poland’s second-biggest lender for 3.3 billion zloty ($830 million), according to a statement issued late Tuesday. UniCredit holds 40.1 percent of the bank after the sale. It said the sale was made to “institutional investors” it didn’t name.
Mustier, a 28-year veteran of the European securities industry who once ran UniCredit’s investment bank, has moved quickly to address capital concerns since being appointed to replace Federico Ghizzoni last month. The Bank Pekao share sale follows Monday’s disposal of a 328 million-euro ($364 million) stake in UniCredit’s online lender FinecoBank SpA…
UniCredit Sells 10% of Poland’s Bank Pekao to Boost Capital
