Pekao Sinks Most in 2 Years on UniCredit Stake Cut: Warsaw Mover
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Bank Pekao SA, Poland’s second-biggest lender, dropped the most in more than two years after UniCredit SpA said it was selling as much as 9.1 percent of its local unit to free capital and increase earnings.
The stock slumped as much as 6.3 percent and was 5.3 percent lower at 157.7 zloty as of 12:50 p.m. in Warsaw, the biggest decline since November 2011. The amount of Pekao shares traded was 614 percent of the three-month daily average, according to data compiled by Bloomberg. The benchmark WIG20 Index fell 0.6 percent.