UniCredit To Sell 10% Stake In FinecoBank

(RTTNews) - Italian banking giant UniCredit SpA Monday said its board has approved the sale of 10 percent stake in financial services company FinecoBank SpA.

UniCredit will sell the stake in FinecoBank to certain institutional investors through an accelerated bookbuilding process. The placement will start "immediately," the company said in a statement.

UniCredit, Italy's largest bank by assets, currently holds about 65% stake in FinecoBank and plans to maintain a majority stake.

UniCredit also announced the approval for an in-depth review of the bank's strategy under new CEO Jean Pierre Mustier. The review will focus to reinforce and optimize the Group's capital position, improve profitability, ensure continuous transformation of operations, and maintain flexibility to seize value creating opportunities, the strategic review will encompass all major areas of the bank.