Italian financial group UniCredit has announced the completion of the placement with institutional investors of approximately 121.4 million existing ordinary shares in FinecoBank, representing 20% of the company’s issued share capital, at a price of €4.55 per share.
The closing of the placement, whose gross proceeds amount to around €552m, is expected on 17 October 2016.
UniCredit said it will continue to control and consolidate the FinecoBank with a shareholding of 35%.
The company has agreed to a 360 days lockup period from the closing of the placement.
“No additional sales of shares of FinecoBank will be made by UniCredit during the lock-up period without the consent of UBS Limited on behalf of the Joint Bookrunners,” UniCredit said.