UniCredit starts FinecoBank separation with €1bn share sale

By Aidan Gregory
07 May 2019

The formal separation of FinecoBank, the Italian online brokerage, from UniCredit has begun with Italy’s biggest bank selling almost half stake to institutional investors via an equity block trade – a strategy UniCredit has used numerous times in the past to shed non-core assets under its CEO Jean-Pierre Mustier.

JP Morgan, UBS and UniCredit’s own investment bank are bookrunners on the placing, which consists of up to 103.5m shares, a 17% stake. 

Shares in FinecoBank closed at €10.25 on Tuesday, down 7.45% from the previous close.

According to a note received by investors were covered just before 5:20pm ...

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