August 3, 2016 / 11:31 AM / 3 years ago

BRIEF-Unicredit sells card processing business to SIA

Aug 3 (Reuters) - Italian bank UniCredit says:

* Has signed agreement with SIA to sell group’s card processing activities in Italy, Germany and Austria for 500 million euros cash

* Sale to generate net capital gain of 440 million euros in 2016 with fully loaded CET 1 ratio positive impact of 12 basis points

* Closing of transaction expected by end-2016

* Sale underpins UniCredit’s commitment to seize opportunities in line with a renewed focus on strictly disciplined capital management and capital optimisation actions

* UniCredit entered 10-year contract with SIA outsourcing card processing services Further company coverage: (Reporting by Milan Newsroom)

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