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UniCredit considers selling its stake in Poland's Pekao

27 July 2016 10:44 (UTC +04:00)

Baku – APA-Economics. UniCredit SpA is considering tapping shareholders for as much as 5 billion euros ($5.5 billion) and selling its entire stake in Poland’s Bank Pekao SA to raise capital, according to people with knowledge of the matter, Bloomberg reproted.

Chief Executive Officer Jean Pierre Mustier is looking at measures including a full exit from Poland’s second-biggest bank as well as a disposal of online lender FinecoBank SpA, the people said, asking not to be identified because the discussions are private. UniCredit is also mulling a sale of a large share of its bad-loan portfolio in Italy, they said. No final decisions have been made and the plan could still change, the people said.

UniCredit rose as much as 1.6 percent before trading down 0.3 percent at 2.24 euros at 9:27 a.m. in Milan. The shares have dropped about 55 percent this year, reversing some losses after Mustier took over. Pekao fell as much as 5.5 percent.

“Koc Financial Services Inc” is a 50%-50% joint venture between UniCredit Group and Koç Group, the holding company that controls 81.8% of the Turkish bank Yapi Kredi. YapÄ± Kredi Bank Azerbaijan is 99.8% owned by YapÄ± Kredi.