UniCredit gets regulatory nod for IPO of online banking unit

Italian lender UniCredit has received approval from the Commissione Nazionale per le Società e la Borsa for the listing of up to 30% of the share capital of its online banking unit FinecoBank in an initial public offering.

Italian lender UniCredit has received approval from the Commissione Nazionale per le Società e la Borsa for the listing of up to 30% of the share capital of its online banking unit FinecoBank in an initial public offering.

According to the plan, the 30% of FinecoBank’s share capital will be listed on the Borsa Italiana’s Mercato Telematico Azionario, valuing the entire bank to €2.668bn ($3.62bn). The shares will be priced between €3.5 and €4.4.

UniCredit CEO Federico Ghizzoni said, "FinecoBank’s listing is part of UniCredit’s strategic plan and will facilitate the unlocking of the full potential of this top class organisation."

"The listing is designed to further boost FinecoBank’s growth and UniCredit will continue to be the majority shareholder."

Fineco’s shares will trade on the Mercato Telematico Azionario or MTA, organised and managed by Borsa Italiana, which has approved the shares for listing on the MTA. Following listing, UniCredit will remain a shareholder of FinecoBank.

The joint global coordinators are UBS Investment Bank and UniCredit Corporate & Investment Banking who, together with Mediobanca – Banca di Credito Finanziario, are also serving as joint bookrunners.

UniCredit Corporate & Investment Banking is also acting as a lead manager for the public offer and Mediobanca – Banca di Credito Finanziario is acting as a sponsor.

FinecoBank operates as UniCredit Group’s direct multichannel bank, and has nearly 2,500 personal financial advisers and 917,000 customers. The unit had €1.1bn of net deposits and €45.6bn of total financial assets, as of 31 March 2014.