UniCredit is mulling a sale of its stake in local online broker Fineco. Chunky capital gains on the holding would boost UniCredit’s solvency. That’s handy if it decides to make a swoop on in-play Commerzbank, LJucca says:
UniCredit said on May 7 that it was taking steps to make online broker FinecoBank independent, and possibly let it operate outside the UniCredit group.
Fineco holds 8.3 billion euros of UniCredit bonds that currently carry no risk weight. UniCredit said it was granting Fineco financial collateral to maintain the same credit exposure in case of a sale of Fineco. UniCredit is the top shareholder in Fineco with a 35 percent stake, worth around 2.3 billion euros at current market prices. UniCredit has booked the stake at around 1 billion euros.
UniCredit fully-loaded common equity Tier 1 capital ratio stood at 12.07 percent at the end of December. Shares in Fineco were down 0.7 percent at 0900 GMT on May 7, while UniCredit shares were down 0.27 percent.
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