UniCredit may announce Kazakh bank sale as early as Friday: sources
ALMATY/MILAN (Reuters) - UniCredit (CRDI.MI), Italy's biggest bank by assets, could announce the sale of its Kazakhstan unit ATF Bank ATFB.KZ as early as Friday, three sources familiar with the matter said.
UniCredit will announce towards the end of a release that it has sold ATF though there will be no details on price, one of the sources familiar with the deal said.
"You have to wait until tomorrow for more information and better visibility," a second source said on Thursday.
The Italian lender is due to present its 2012 results on Friday.
In January, sources told Reuters that UniCredit may sell ATF Bank to a firm owned by Kazakh businessman Galimzhan Yesenov for about $500 million.
UniCredit declined to comment.
The first source said that when price terms are declared, possibly in April, UniCredit will have to take half of ATF's nonperforming loans.
The Italian lender, which has a strong presence in central and eastern Europe, has been cutting jobs, shedding branches and selling assets as it tries to restore profitability after being hit hard by the euro zone debt crisis.
In December, UniCredit's head for central and eastern Europe, Gianni Franco Papa, said it could sell its Kazakh unit if the price was right.
- Investment banks Morgan Stanley and Goldman Sachs Group Inc posted better-than-expected quarterly earnings on Thursday, helped by gains in merger advisory and stock underwriting. | Video
- The troubles at BlackBerry Ltd, which fired more than half its staff and lost more than 90 percent of its market value as consumers shunned its smart phones, might have spelled disaster for the company's hometown of Waterloo, Ontario. Instead, there are hot sports cars in the streets and new companies filling the refurbished office buildings. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.