UniCredit to sell off Pekao?
PR dla Zagranicy
John Beauchamp
15.09.2011 13:28
Rumours in Italian media point to the possible sale of Pekao SA, one of Poland’s largest banks, by major stakeholder UniCredit.
The revelations follow an article published by Italian business daily Finanza&Mercati, although it does not cite any sources to back up the claims.
“We are not planning to sell any of our assets in Poland or Turkey,” UniCredit has since announced in an official statement.
According to Finanza&Mercati, UniCredit is hoping to sell Turkish bank Yapi Kredi, as well as Pekao, to limit the size of a possible capital increase.
Yapi Kredi’s chief executive has also dismissed the claims, stating on Turkish television recently that UniCredit had no plans to sell the bank.
The sale of the two banks would bring in between 6-7 billion euro, the Italian daily reports.
The money raised from the sales would be used to fulfil criteria for Basel III, a global regulatory standard on bank capital adequacy and liquidity. The regulation is to help protect the banking sector from further economic downturns.
When implemented, Basel III will require banks to hold 4.5 percent of common equity, as well as 6 percent of Tier I capital of risk-weighted assets. (jb)
Source: Reuters/wyborcza.biz