UniCredit surges after 2019 results, Yapi Kredi sale

UniCredit_Milan_PA_575_375
By Aidan Gregory
06 Feb 2020

Shares in UniCredit, Italy’s largest bank by assets, closed 8.1% higher on Thursday after the bank cut its stake in Turkey’s Yapi Kredi, while announcing a dividend increase and a share buy-back.

The TL2.9bn ($484.7m) sale of shares in lender Yapi Kredi came after the dissolution of UniCredit’s joint venture with Turkish conglomerate Koc Holding, which left it with a 31.9% stake in the bank.

That stake has now fallen to about 20% as a result of the sale on ...

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