June 30, 2014 / 2:45 PM / 4 years ago

Italy's Unicredit confirms Pioneer unit is strategic

MILAN, June 30 (Reuters) - UniCredit’s asset management unit Pioneer is a strategic asset for the bank and there are no plans to sell it, the Italian lender’s deputy general manager said on Monday.

“There is market speculation and we acknowledge that, but we reaffirm the importance of Pioneer for the group, there is nothing concrete (on the table),” Paolo Fiorentino said on the sidelines of a conference.

He said the bank was not planning to sell even a minority stake.

A recent report by Sky News said CVC Capital Partners Ltd was considering making an offer to buy as much as 50 percent of Pioneer Investments.

Fiorentino also said it could not be taken for granted that talks on the sale of the lender’s bad bank unit UCCMB would be completed before the board meeting in August. (Reporting by Gianluca Semeraro, writing by Stephen Jewkes; editing by Agnieszka Flak)

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