July 31 (Bloomberg) -- UniCredit SpA agreed to sell its 81 percent in German online broker DAB Bank AG to BNP Paribas SA for 354 million euros ($474 million) as part of its plan to strengthen finances.
UniCredit, Italy’s biggest bank, will sell shares in Munich-based DAB Bank at 4.78 euros apiece, UniCredit and BNP said in statements today. That values DAB Bank at 435 million euros, the companies said. UniCredit said it will record a gain of about 180 million euros.
The sale is part of UniCredit Chief Executive Officer Federico Ghizzoni’s business plan targeting 2 billion euros of net income this year. UniCredit is selling assets, cutting costs and reducing risk to face Italy’s longest recession in two decades and tougher regulations.
BNP Paribas in April agreed to buy 66 percent of ConSors Discount Broker AG, a rival of DAB, for 287 million euros, adding it to the French bank’s Cortal brokerage unit to form Europe’s biggest online broker.
“The purchase of DAB Bank is a unique opportunity for us to further develop in Germany,” Camille Fohl, head of BNP Paribas Germany, said in the statement.
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