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UniCredit Sells First Shares in Online Broker

UniCredit CEO Federico Ghizzoni
Federico Ghizzoni, chief executive officer of UniCredit SpA, has said UniCredit would keep the majority of FinecoBank. Photographer: Simon Dawson/Bloomberg

June 27 (Bloomberg) -- UniCredit SpA, Italy’s biggest bank, raised 673 million euros ($917 million) in the first public sale of shares in its online broker unit FinecoBank SpA.

UniCredit sold 181.9 million shares, representing a 30 percent stake, at 3.7 euros apiece, the Milan-based lender said in a statement today. The price is at the lower end of the revised range for the offering. The original range of 3.5 euros to 4.4 euros was narrowed to 3.7 euros to 4 euros June 25, according to people familiar with the matter.

The IPO is part of UniCredit’s five-year business plan, which targets 2 billion euros of net income in 2014 and includes asset sales and job cuts. Chief Executive Officer Federico Ghizzoni has said UniCredit would keep the majority of FinecoBank.

UniCredit’s proceeds from the sale will rise to 774 million euros if the over-allotment option is exercised in full, “resulting in a capital gain of about 360 million euros or 410 million euros, respectively,” UniCredit said in the statement. UniCredit expects an increase of 14 basis points to 16 basis points of its common equity tier 1 ratio after the sale.

The stock will start trading on the Italian exchange in Milan on July 2 under the symbol FCO IM. The implied market value of the unit is about 2.24 billion euros.

FinecoBank offers Internet banking, online trading and wealth management through a financial advisory network that is focused on consumers. The unit has about 2,400 financial advisers, 900,000 customers and manages 45.6 billion euros of assets, according to the company.

To contact the reporters on this story: Sonia Sirletti in Milan at; Francesca Cinelli in Milan at

To contact the editors responsible for this story: Frank Connelly at Cindy Roberts, Dan Liefgreen

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