Italy's UniCredit has reached a deal with unions to cut 2,400 jobs, the sector's main union FABI said, in the first stage of workforce reductions foreseen in the bank's 2013-18 restructuring plan.
The country's big
UniCredit yesterday reported a bigger than expected net profit in the first quarter thanks to lower bad debt provisions, a sign there might be light at the end of the tunnel soon for Italy's biggest bank by assets.
Abu Dhabi's state-owned International Petroleum Investment Co posted a $3.42 billion loss on stakes in automaker Daimler and Italian bank UniCredit in 2011, all but wiping out its profit.
IPIC, which reported a 97 percent drop in 2011 net
Abu Dhabi sovereign wealth fund Aabar Investments has increased its stake in Italian bank UniCredit to 6.5 per cent by exercising a call option, market regulator Consob said.
Aabar previously had 4.99 per cent of UniCredit, Consob said.
Abu Dhabi's investment vehicle Aabar on Tuesday said it will raise its stake in UniCredit to 6.5 percent once the Italian lender's capital increase is completed.
Aabar Luxembourg, a subsidiary of the sovereign wealth fund, has ent
Italian lender UniCredit's 7.5 billion euro ($9.6 billion) capital increase will likely be taken up by 90-95 per cent of shareholders, a source at one of the deal's 27 underwriters said.
UniCredit's deeply discounted rights issue, designed
Libya's central bank on Monday sought to deflect criticism from Italian politicians and a top shareholder about its stake-building in UniCredit SpA.
The accumulation by the central bank of a 4.988 percent stake - the thi
Abu Dhabi's Aabar has bought a 4.99 per cent stake in UniCredit, one of Italy's biggest banks, Mohamed Badawy Al-Husseiny, the chief executive of the sovereign wealth fund, said on Thursday.
The stake is worth about 1.85 billion eu
Abu Dhabi's Aabar Investments has bought 49.8 million euros ($63.12 million) of convertible bonds in Italy's UniCredit.
The securities, exchangeable into ordinary shares of Italy's second-biggest bank by market value, will pay a quart