May 7, 2019 / 6:00 AM / 4 months ago

UniCredit considers reducing stake in Finecobank unit

MILAN, May 7 (Reuters) - Italy’s biggest bank UniCredit said it was considering a sale of its FinecoBank unit and had adopted measures to ensure the online broker could operate outside the group.

As part of a set of measures approved by the boards of the two companies, UniCredit will provide a financial guarantee to allow Fineco to gradually eliminate the portfolio of UniCredit bonds it currently holds by 2024.

“This agreed arrangement would allow UniCredit to seize any market opportunity in relation to Fineco, including in the short term,” UniCredit and Fineco said in a joint statement.

Reporting by Valentina Za; editing by Christian Schmollinger

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