Now UniCredit has shed its interest in this Polish bank, as Italian banks scramble to safeguard themselves post-referendum December 8, 2016 Shares in UniCredit rose today after the Italian lender revealed it was ditching its stake in Polish Bank Pekao. Polish state organisations Powszechny Zaklad Ubezpieczen and Polish Development Fund have snapped up 33 per cent of the stake in Pekao from UniCredit for €2.4bn (£2bn), with the sale expected to complete in mid-2017, while UniCredit will list equity-linked [...]
Unicredit gets green light from European authorities paving the way for €13bn fundraise January 30, 2017 European authorities have not raised any issues with Unicredit breaching capital ratios after the bank convinced them it is merely a temporary problem and will be solved by its mammoth €13bn (£11bn) rights issue. Plans for Italy's largest lender to right-size its balance sheet appeared to have been dealt a blow after it revealed this morning it will [...]
Unicredit shareholders approve Italy’s largest ever rights issue of €13bn January 12, 2017 Shareholders at Unicredit have today given the thumbs up to the bank's €13bn rights issue. Italy's largest bank announced the country's largest ever rights issue last month in a bid to rebalance its finances as part of its ongoing turnaround plan, with the shares set to be issued by June. The bank's investors today granted the lender [...]
Unicredit’s international lenders commit to €13bn rights issue, as bank also ditches €17.7bn of non-core loans December 13, 2016 Italy's largest ever rights issue was announced this morning by Unicredit, the country's biggest bank. The lender pushed the button on a €13bn (£10.9bn) rights issue, in a balance sheet restructuring Unicredit hopes will pave the way for dividend payouts to recommence by 2019. A raft of international banks, including Bank of America Merrill Lynch, J.P. Morgan, and [...]
It’s a deal: Amundi pays €3.5bn to Unicredit for Pioneer Investments December 12, 2016 Shares in Unicredit jumped over three per cent this morning after French asset manager Amundi sealed the deal to buy Pioneer Investments from the Italian lender for €3.5bn (£2.9bn) Before the transaction even closes, Unicredit's cash coffers will be bolstered by a €315m payment from Pioneer to its soon-to-be former parent. Amundi has moved quickly in agreeing [...]
“I wish we could find something”: Aberdeen Asset Management pulled out of bidding for Unicredit’s €3.5bn Pioneer fund unit November 21, 2016 Aberdeen Asset Management dropped a bid for Italian bank UniCredit’s Pioneer fund unit because the UK-listed firm could not afford the €3.5bn (£3bn) asking price. The fund manager made it through to the second round of bidding before withdrawing, chief executive Martin Gilbert revealed. Read more: Trading in Unicredit shares suspended as investors digest bank stress [...]
Unicredit shares down more than five per cent as Italy’s biggest bank kicks off Italy’s largest ever rights issue February 6, 2017 Unicredit shares are currently trading down more than five per cent after Italy's biggest bank kicked off its bumper €13bn (£11.2bn) rights issue this morning. The rights issue, which is the country's largest ever, forms part of a wider turnaround plan announced by Unicredit's relatively new chief executive Jean Pierre Mustier late last year to bolster the lender's [...]
Unicredit to slash 14,000 jobs as part of mammoth restructuring of Italy’s largest bank December 13, 2016 Italy's largest lender is to cull 14,000 jobs by 2019 as part of a huge turnaround plan. Announcing the cuts alongside a €13bn (£10.9bn) equity raise and flogging €17.7bn on non-core assets, Unicredit said the job cuts would save the firm €1.1bn. Read more: Unicredit pushes the button on Italy's largest ever rights issue Chief exec [...]
Deutsche Bank opts for Barclays, Citigroup and Credit Suisse to be senior bookrunners on its asset management arm IPO, Reuters reports November 11, 2017 Deutsche Bank has chosen Credit Suisse, Barclays and Citigroup to be the senior bookrunners for the flotation of its asset management unit, according to reports. A source close to the matter told Reuters Deutsche Bank had selected the heavyweight lenders to assist the initial public offering, though a spokesman for Deutsche Asset Management declined to [...]