ROME (dpa-AFX) - Italian banking giant UniCredit SpA (UNCFF.PK) Thursday said it has entered into an agreement for the disposal of a 32.8 percent stake in Bank Pekao S.A. to Powszechny Zaklad Ubezpieczen S.A. or PZU and Polish Development Fund S.A. or PFR.
The agreed purchase price for the disposal of 32.8 percent stake to PZU and PFR is equal to PLN 123 per share, or PLN 10.6 billion for the shareholding sold. This is equivalent to about 2.4 billion euros.
The sale is subject to the customary regulatory and antitrust approvals and is expected to be completed around mid-2017.
The transaction is expected to have a positive impact of approximately 55 basis points on UniCredit Group CET1 ratio as of September 30.
In order to complete the disposal of its entire stake in the Company, UniCredit is also planning to carry out a market transaction with respect to the remaining 7.3 percent of Pekao's share capital. The transaction will be executed through secured equity-linked certificates.
The disposal of Pekao shares representing the residual stake of 7.3 percent is expected to generate a capital release upon the expiration of the Certificates.
UniCredit's sale of its entire stake in Pekao is related to its earlier announced intention to focus on reinforcing and optimising its capital position.
In addition to the Transaction, UniCredit has agreed with PZU and PFR to the transfer of its shareholdings in a number of Polish companies.
Copyright RTT News/dpa-AFX