Italian banking group UniCredit has launched a strategic review of the bank under new CEO Jean-Pierre Mustier to boost capital and profitability.
The review will cover various areas of the bank, focusing on capital optimisation, cost cuts, cross selling across group entities, as well as improved risk discipline.
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"The strategic review will be wide ranging. We will take a diversified approach in terms of the different assets in order to ensure maximum future value creation for all UniCredit stakeholders. As always, our first priority is and will always be to deliver UniCredit's products and services solutions to our extensive client franchise and provide access to our unique Western, Eastern and Central European network," Mustier said.
Reshaping of the bank’s retail network and the digitalisation program currently underway will also continue, the bank added.
“All assets, with no exception, will be subject to the same disciplined capital management and any incremental value creating opportunities, potentially also via disposals, will be evaluated,” UniCredit said.
The bank has also announced plans to offload as much as 10% stake in online bank FinecoBank. UniCredit would sell the stake in FinecoBank’s existing shares to institutional investors through an accelerated bookbuilding process.
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By GlobalData“The Placement is aimed at enabling UniCredit to optimise capital allocation within the Group, with capital generated by the Placement to be used to further strengthen its capital ratio and to support its continued organic growth. The Placement would also increase free float of FinecoBank shares,” UniCredit said.
UniCredit presently owns about 65% of the online bank, and said that it will continue to have a majority shareholding in the bank after the placement.
