UniCredit Bank procures EUR 1 billion through sale of property

The Italy-based UniCredit Bank procured over EUR 1 billion through the sale of property after the new management had announced a thorough review of its operations.

The largest bank in Italy has gained nearly EUR 750 million by selling 10% of its share in the Poland-based Bank Pekao and an additional EUR 328 million by selling shares in its online bank Fineco.

UniCredit shares, which have dropped by two thirds this year, have dropped by an additional 1,8% today, following the initial jump by 4.5%.

The bank strives to improve its financial position due to being concerned for the state of Italian banks following Brexit.