UniCredit has sold the last of its stake in FinecoBank, its online brokerage business, for €1.1bn. This paves the way for chief executive Jean Pierre Mustier to present a new three year business plan to the markets in December.
The sale completes the full separation that UniCredit and the brokerage announced in May. It means FinecoBank is now fully independent of its former parent from regulatory and operational standpoints.
After the announcement, UniCredit acted quickly to sell almost half its remaining stake in FinecoBank for €1bn.