Italian financial group UniCredit SpA (BIT:UCG) said it had pocketed some EUR890m (USD1.2bn) from the sale of 9.1% in its Polish unit Bank Pekao SA (PINK:BKPKF).
The group sold around 23.9m Pekao shares at PLN156.00 (USD50.40/EUR37.14) apiece to institutional investors, it said. The price was 6% below the Pekao closing before this announcement and 4% lower than the average price over the last three months.
The sale generated a capital gain of about EUR135m to UniCredit, resulting in an increase in the group’s CT1 ratio BIS2.5 based on its weighted assets as at 30 September 2012.
Following the placement, the Italian bank remained with 50.1% in Pekao and will continue its commitment to the subsidiary and to the Polish market which is core to its franchise and strategy.
UniCredit, which agreed to a one-year lock-up period for its remaining stake in the Polish unit, said it does not expect to shed further Pekao shares after this sale.
UBS Limited, UniCredit CA-IB Poland and Citigroup Inc (NYSE:C) were in charge of the share placement