Italian banking major UniCredit has agreed to sell a 3.2% stake in Bank of Italy for about EUR240m.
UniCredit is currently one of the largest shareholder in the Italian central bank with a stake of 22%.
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The move has been induced by a ruling, which revalued the capital of the Bank of Italy, and set a 3% limit on stakes that individual investors can hold in the central bank.
Under the rule, which was approved last year, UniCredit is required to reduce its holding in Bank of Italy to less than 3% by the end of 2016.
The latest share sale is yet to receive the green light from the Bank of Italy.
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