Unicredit to re-list HVB shares in the bourse
Unicredit is studying to list a minority stake in its German unit, HVB. The decision would hinge on the results of the upcoming stress tests required by the biggest bank in Italy in terms of assets in order to raise capital. This was confirmed by a report on German magazine Der Spiegel, who did not cite their sources.
Unicredit declined to make a comment while HVB said it had no knowledge of the plans for the bank. The shares would be listed again at the stock exchange according to the said report in the magazine. Unicredit had bought out the Munich based bank back in 2005. In 2008, the company's shares were delisted by Unicredit.
A sale of between 15% and 25% of the shares in HVB as well as the issuance of new shares would help Unicredit raise new capital after the conduct of a stress test of the bank's balance sheet by the European Central Bank.
The magazine further reported investment banks are lobbying the management of Unicredit as well as Italian banking foundations, who own 12% of the bank, to undertake the share sale.