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UniCredit sees net capital gain of $2.3 billion euros from Pioneer
December 12, 2016 / 7:12 AM / a year ago

UniCredit sees net capital gain of $2.3 billion euros from Pioneer

MILAN (Reuters) - Italy’s UniCredit (CRDI.MI) expects to boost its best-quality capital ratio by around 78 basis points after agreeing to sell its asset manager arm Pioneer Investments to France’s Amundi (AMUN.PA) for 3.55 billion euros ($3.75 billion).

Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini

On top of that, UniCredit is set to receive an extraordinary dividend payment of 315 million euros before the closing of the sale, which is expected in the first half of 2017.

Italy’s biggest bank by assets, which earlier this year hired new chief executive Jean Pierre Mustier to streamline its business and beef up its capital, said it would book a net capital gain of 2.2 billion euros next year.

($1 = 0.9465 euros)

Reporting by Valentina Za

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