UniCredit launches placement of ordinary shares in FinecoBank S.p.A. representing up to 10% of the Company’s existing share capital

UniCredit S.p.A. (“UniCredit”), following the resolution of its Board of Directors, announces the launch of a placement of ordinary shares in its subsidiary, FinecoBank S.p.A. ("FinecoBank" or the "Company"), representing up to 10% of the Company’s existing share capital (the “Placement”). The Placement will be made to certain institutional investors by way of an accelerated bookbuilding process.

Bookbuilding will commence immediately. UniCredit reserves the right to change the terms or timing of the Placement at any time.

The Placement is aimed at enabling UniCredit to optimise capital allocation within the Group, with capital generated by the Placement to be used to further strengthen its capital ratio and to support its continued organic growth. The Placement would also increase free float of FinecoBank shares.

Following completion of the Placement, UniCredit, which currently holds approximately 65% of the Company’s share capital, will continue to retain a majority shareholding.

UniCredit confirms its key focus on delivering its unique Western, Eastern and Central European network to its extensive client base. This transaction should be seen as part of the commitment of the Group to reinforce and optimize its capital position and a renewed impetus of pro-active portfolio management in which all assets, with no exception, will be subject to the same disciplined capital management and any incremental value creating opportunities will be seized.

As customary, UniCredit has agreed to a 90 days lockup period with respect to any remaining FinecoBank shares it will hold following the Placement. Subject to customary exceptions, 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.

UBS Limited and UniCredit Bank AG, Milan Branch have been appointed by UniCredit to act as Joint Bookrunners of the Placement.

12.07.2016 - 09:00
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