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UniCredit closes sale of Italian pawn credit business to Austria's Dorotheum

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UniCredit closes sale of Italian pawn credit business to Austria's Dorotheum

UniCredit SpA completed the sale of its Italian pawn credit business to Austria's Dorotheum GmbH & Co. KG after obtaining regulatory approvals.

The purchase price for the deal amounts to about €141 million. The Italian lender said will it continue to offer the possibility to renew pawn tickets through its branches.

The deal will result in an increase in UniCredit's third-quarter profit and loss account of more than €100 million and add approximately 4 basis points to its consolidated common equity Tier 1 ratio, the bank said.