Unicredit sells Bank Pekao and bank 2.4 billion – The Republic

MILAN - After the issuance of a portion of the capital in the last few months, Unicredit has announced this morning the release by Bank Pekao, the Polish subsidiary: the bank of Piazza Gae Aulenti has signed an agreement with Pzu and Pfr for the sale of a participation equal to 32.8% of the subsidiary. The closing of the transaction is expected in mid-2017 and is subject to the approval of the regulatory authorities and antitrust. With this sale important, Unicredit guarantees a revenue of 2.4 billion euros.

In parallel, says Unicredit, and “the aim of completing the disposal of the entire investment in the company intends to launch a market operation directed the sale of the investment residual in Bank Pekao equal to 7.3% of the share capital through certificates equity-linked”. In practice, they are tools that allow you to defer the sale in time: Unicredit it will sell for a value of nearly half a billion. The certificates have as underlying shares in Pekao, which still holds: the expiration date of December 15, 2019 (but it will be possible to change), will be settled by the delivery of shares, the Polish so that Unicredit can benefit from the potential appreciation of the shares due to the additional value that could be provided by Pzu and Pfr following the completion of the sale”.

Unicredit should also be noted that in the phase of transition “will continue to provide, interim and market conditions, certain support services – primarily related to IT systems”.

The divestment, part of a project of revision of the strategy initiated by Jean-Pierre Mustier, will have a positive impact on the capital, with an improvement of approximately 55 basis points on the Cet1 ratio of the group as at 30 September 2016. “Besides,” he goes on to explain the note – the sale of the remaining shares in the pekao 7.3% through the above certificates will generate a positive impact on the share capital at the date of expiration of the same”.

On Pekao rumors of the sale lasted a long time: already at the beginning of September indicated the possibility of talks, then in mid-October, the bank of Piazza Gae Aulenti is the Polish group, have come out confirming the negotiations. However, it is from the time that Pzu, in the context of what has been dubbed with the term of re-polonizzazione, has manifested a decided interest in the bank of which Unicredit holds 40,1% of the share capital. Mustier in the remodel of the institute, of which he became number one at the beginning of July of July, has put it clear that all assets were under examination. Pekao is returned immediately in this strategy so much that in July he sold a 10% on the market for 749 million euros.

The milanese bank’s agenda, a capital increase for eur 13 billion and has other open tables, starting from the sale of the Pioneer, for which it has been granted the exclusive to Amundi. The operation is on the verge of the final with an offer by the French from 3.2-3.4 billion. In negotiation it is also listed for Unicredit an extraordinary dividend of between 500 and 800 million euros. It should, finally, be defined in the node npl with Pimco, Cerberus and Fortress vying for a stake in the vehicle designed to handle 20 billion of Npls, loans difficult debts: a disposal that would, in part, with the Gacs (state guarantees), and in more than one tranche.