Unicredit raises $1.1 billion from asset sales

AP News
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Posted: Jul 13, 2016 9:35 AM

MILAN (AP) — Italian bank Unicredit has raised over 1 billion euros ($1.1 billion) in asset sales in the wake of its announcement earlier this week that it is launching a thorough review of its business under its new CEO.

Italy's largest bank by assets said it raised nearly 750 million euros from the sale of a 10-percent stake in the Polish Bank Pekao S.A. and another 328 million euros from the sale of an equal share of its internet banking unit Fineco.

Unicredit shares, which have dropped by around two-thirds this year, were down 1.8 percent at 2.062 euros Wednesday after an initial spike of 4.5 percent.

Its efforts to improve its financial positions come amid renewed concerns over the health of Italy's banks following Britain's vote to exit the European Union.