The word is said to the integration with Banco Bpm, Unicredit focuses on other projects, strengthening its position in the capital of Commerzbank.
The bank led by Andrea Orcel today announced the conversion of another tranche of derivative tools, reaching 26% of the German credit institution, in which he had entered the progressive disposal of the state share, and now he looks at the target of 29%.
The conversion of derivatives towards reaching 29%
The bank announced this morning that “in line with what has been announced and in line with the timing communicated in July”, it is continuing “in the conversion into shares of its synthetic position in Commerzbank” and announces that it has brought its shareholding in the German bank to about 26%, consolidated in the accounts “. By already holding 20% of Commerz’s capital, the bank has converted another 6% into shares.
“The remaining synthetic position will be converted into due -time physical shares, bringing the overall shareholding to about 29%”
Unicredit says.
The bank of Piazza Gae Aulenti had been authorized by the ECB to rise to 29.9% of the capital.
No impact on patrimonial solidity
The total impact of the operation on the CET1 coefficient, for equity participation equal to about 29% – underlines the bank – has increased from about 110 basis points, as previously communicated, to about 145 basis points, due to the increase in the course (value) of the title and the contextual renovation of the Collar derivative coverage, aimed at reducing future volatility on the income statement “.
The return on investment, however, was confirmed by Unicredit around 20%. Beyond the metrics initially indicated.
“To date, Unicredit’s investment has exceeded pre-definite financial metrics, thus creating a significant value for shareholders”
underlines a note from the bank
And no representation in the board (for now)
Unicredit thus strengthens their position as the main shareholder of Commerzbank, having always confirmed you want to be a “patient shareholder” and long -term. And excludes for now any foray into the board.
“Although at the moment it does not intend to ask for a representation in the board, Unicredit will continue to carefully monitor the progress of Commerzbank in the sustainable strengthening of its business and in the creation of value for its shareholders, customers and employees”
specifies a note.
The dry replica of the German government
Meanwhile, the German government commented on today’s operation as an “unrivaled and hostile” act, reiterating its position regarding the increase in the weight of Unicredit in the capital of the German bank. The Government – said a spokesperson for the Ministry of Finance – “rejects the renewed unrivaled and hostile approach of Unicredit”.
Volatile titles on the stock exchange
The bag is obviously monitoring the trend of the titles of the two banks on the stock exchange, which appears a little volatile after a positive start, the actions have zeroed the earnings and travel on equality. Unicredit Lima just in 0.09% and comrazbank 0.11%. The Ftse Italia Banks index gains 0.18% after having reached more than half a percentage point in the morning.
