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Fineco no longer part of UniCredit following settlement of 17% stake sale

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Fineco no longer part of UniCredit following settlement of 17% stake sale

UniCredit SpA completed the accelerated bookbuild offering's settlement of roughly 103.5 million ordinary shares in financial technology firm FinecoBank Banca Fineco SpA.

The offering amounted to about 17% of Fineco's issued share capital and raised gross proceeds of about €1.01 billion for UniCredit.

UniCredit said May 8 that it will deconsolidate Fineco from its financial statements and will classify the remaining 18% minority stake it holds in the financial technology firm as a financial asset.