Italy´s biggest lender by assets UniCredit has completed the sale of its remaining 18.3% stake in online broker FinecoBank via accelerated bookbuilding at €9.85 per share.
The settlement of the placement will take place on the 11th of July 2019 while shares will be placed to certain institutional investors through an accelerated bookbuilding (ABB) process which will start immediately, said UniCredit in a note.
The Italian bank had sold an initial 17% stake of Fineco in May as a part of the bank's efforts to bolster its financial strength.
"The overall capital impact is estimated to be an increase of approximately 30 basis points in the UniCredit Group CET1 capital ratio in Q3 2019," said UniCredit.
JP Morgan, UBS Investment Bank and UniCredit Corporate & Investment Banking acted as Joint Bookrunners of the Placement.