Unicredit has signed a binding agreement for the sale of Pioneer to Amundi, to the exclusion of the activity in Poland. The transaction will be carried out to 3,545 billion. In addition, Unicredit will receive from Pioneer, prior to the closing of the transaction, an extraordinary dividend of € 315 million.
The positive impact on the Cet1 ratio of the bank group is estimated at 78 basis points. As at the date of 30 September, the parameter of the Cet 1 ratio fully loaded of the bank was equal to 10,82%. The transaction will generate a net capital gain for UniCredit at the consolidated level 2.2 billion in 2017.
the agreement provides for the distribution of the products of asset management through the distribution networks of the Unicredit . Amundi group Credit Agricole ) is the first operator in the sector of managed savings in Europe and the eighth at the global level (with 1,276 billion euros of assets under management).
The transaction is subject to necessary approvals by the supervisory authorities and the competition authority. The closing is expected by the first half of 2017.
Jean-Pierre Mustier, chief executive officer of Unicredit , explained that “thanks to a distribution agreement of long-term, the bank’s customers will have access to a wider range of quality products and services, while the group will benefit from the major fee and commission income from the distribution resulting from the higher flows of collection expected”.
as A result of the operation, she continued Mustier, “Italy will become the second domestic market for Amundi, and in particular Milan will be one of its main centres of investment, with the creation of new jobs”.
Unicredit has relied on JP Morgan, Morgan Stanley and UniCredit Corporate & Investment Banking, such as financial advisors, while the Firm Gianni, Origoni, Grippo, Cappelli & Partners has acted as legal adviser.
last week, the group led by the ceo Mustier had announced the sale of 32.8% of the Polish subsidiary Bank Pekao for almost eur 2.5 billion. To buy shares in Pzu and Pfr at a price per share of the 123 pln, for a total of 10.6 billion Polish zloty, a value that exceeds nearly 1.5 times the net equity dating back to the third quarter of the current year. The sale of Pekao result in additional 55 basis points on the Cet 1 ratio of Unicredit on the basis of the data dating back to the third quarter.
The bank then proceeded with a new operation for the sale of 7.3% of the shares of Pekao remained in the portfolio through certificates, equity-linked, or certificates secured by a lien on the shares in Pekao. Strategic choice: in this way, Unicredit may benefit from a possible increase in the value of Pekao generated by the operation since its completion.
Tomorrow in London Unicredit will make known to the market and the restructuring plan of the group, starting from the capital increase estimated by analysts in 13 billion euros, to which sum the sales in act. Last week, in fact, the bank has transferred its operations in Poland.
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