January 29, 2013 / 5:20 PM / 5 years ago

Unicredit selling up to 9.1 percent in Pekao

MILAN (Reuters) - Italy’s UniCredit (CRDI.MI) said on Tuesday it would sell a up to 9.1 percent in its Polish unit Pekao PEO.WA to institutional investors through an accelerated book building process.

UniCredit said the sale will enable it make better use of its capital resources within the group, and that it does not plan to sell a further stake.

    Shares of Bank Pekao, Poland’s second-largest, closed at 166.50 zloty on Tuesday.

    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.

    Reporting By Stephen Jewkes, editing by Jennifer Clark

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