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UniCredit divests entire stake in Poland's Bank Pekao

Bank Pekao SA said Dec. 17 that Italy's UniCredit SpA divested its entire 6.26% stake in it as of Dec. 16 and now holds 0% of the voting rights in the Polish bank.

The divestiture occurred due to the expiry date and mandatory settlement of secured equity-linked certificates related to Pekao's shares — the certificates' issuance was first announced by UniCredit in December 2016 when it initiated its plan to exit the Polish lender by 2019.

As a result of the expiration, the Italian lender disbursed the 16.43 million Bank Pekao shares it owned to holders of the certificate.