MILAN May 23 UniCredit, Italy's
biggest bank by assets, is considering the sale of more of its
private equity investments managed by its German unit
HypoVereinsbank (HVB), its chief executive said on Friday.
A source familiar with the matter said the value of the
transaction would be around 1 billion euros ($1.37 billion).
"It's on the table," UniCredit's chief executive Federico
Ghizzoni told reporters. "We are under no pressure to sell by a
HVB sold last year part of its private equity portfolio to
SwanCap Opportunities Fund, a private equity fund managed by
Luxembourg based SwanCap Investment Management.
"The sale is part of a process that has been half
completed," Ghizzoni said.
UniCredit has taken a number of measures to strengthen its
balance sheet as it prepares for the financial health checks
being conducted on nearly 130 lenders by the European Central
Bank before it takes over as the euro zone's primary banking
watchdog in November.
The Italian bank has already posted a 14 billion-euro loss
for 2013 after booking huge writedowns on bad loans and the
value of past acquisitions.
It is also listing up to 35 percent of its online banking
unit Fineco and selling its debt collection unit UCCMB.
(Reporting by Andrea Mandala and Silvia Aloisi; Editing by Greg