Deals
UniCredit Lifts Capital Level With $2.6 Billion Pekao Unit Sale
- Sale to boost Italian bank’s CET1 ratio by 55 basis points
- UniCredit starts placement of Pekao equity-linked cetrificates
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UniCredit SpA advanced its plan to boost capital, agreeing to sell 32.8 percent of Poland’s Bank Pekao SA to Insurer PZU SA and a Polish development fund for 10.6 billion zloty ($2.6 billion).
The sale will lift UniCredit’s CET1 capital ratio 55 basis points above its Sept. 30 level, the Italian bank said in a statement on Thursday. The lender also started the sale of its remaining 7.3 percent stake in Pekao on the market via secured equity-linked certificates.