Banks get stuck in to FIG sales as Basel capital charges bite

24 May 2012

Citi and Barclays this week sold minority stakes in other financial institutions in advance of the implementation of punitive capital charges under Basel III while Intesa Sanpaolo and UniCredit raised a few basis points of equity by selling their London Stock Exchange holdings.

Barclays sold its entire 19.6% stake in asset manager BlackRock in a $5.64bn deal in the US, while Citi was on Thursday night selling half of its 20% of Turkey’s Akbank in a $1.2bn offer. The UK bank will record a £200m gain on its sale. Citi has ...

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