Italian banking group UniCredit has raised €552m by selling a 20% stake in its online bank FinecoBank as as part of CEO Jean-Pierre Mustier’s strategy to boost capital ratios.

The lender sold 121.4 million ordinary shares of Fineco at €4.55 per share, a discount of 5% to the last pre-announcement closing price.

UniCredit in its press release said that the stake sale will add approximately 12 basis points to its CET 1 ratio.

Following the completion of the placement, UniCredit is left with a 35% stake in Fineco.

The Italian lender added that it has agreed to a 360-day lockup period for its remaining holding in the bank.

In July this year, UniCredit sold minority stakes in its Polish arm Bank Pekao and FinecoBank, as part of the strategic review.