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Unicredit sees Pekao stake sale boosting Core Tier 1
January 29, 2013 / 7:08 PM / 5 years ago

Unicredit sees Pekao stake sale boosting Core Tier 1

MILAN, Jan 29 (Reuters) - Italian bank UniCredit Chief Executive Federico Ghizzoni said on Tuesday he expects the bank’s sale of a stake in its Polish unit Bank Pekao to boost its Core Tier 1 ratio.

The bank’s Core Tier 1 ratio was 9.3 percent, it said on Nov. 13 of last year -- higher than the end-2012 previous target of 9.1 percent.

Ghizzoni sees the sale of as much as 9.1 percent of Pekao as boosting the bank’s Basel III Core Tier 1 by about 10 to 13 basis points, he said on Tuesday at a press conference.

UniCredit said earlier Tuesday it is selling the stake in Pekao to institutional investors through an accelerated book building process, and does not plan to sell a further stake.

The bank’s presence in Poland continues to be strategic, he said.

Ghizzoni also said that the bank’s risk of posting losses from derivatives contracts is “extremely limited.” (Reporting by Gianluca Semeraro, writing by Jennifer Clark)

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