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UniCredit says to sell DAB Bank stake to BNP Paribas
July 31, 2014 / 6:07 PM / 3 years ago

UniCredit says to sell DAB Bank stake to BNP Paribas

MILAN, July 31 (Reuters) - UniCredit has reached a deal to sell its 81.4 percent stake in DAB Bank AG to BNP Paribas, the Italian lender said in a statement on Thursday.

The agreed price of 4.78 euros per share values the stake at around 354 million euros ($473.97 million), the bank said.

UniCredit said it expects to book a net gain of around 180 million euros from the transaction.

The deal’s closing is still subject to the approval of the relevant authorities and UniCredit Bank AG’s supervisory board.

It will boost UniCredit Group’s common equity tier 1 by 8 basis points. ($1 = 0.7469 Euros) (Reporting by Agnieszka Flak, editing by Isla Binnie)

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