UniCredit €13 billion capital increase

Overview:

• UniCredit has launched a €13 billion capital increase.
• The shares are priced at €8.09.
• The deal is believed to be the biggest share issue in Italian history and will almost double the bank's capitilisation.
• Morgan Stanley, UBS, Bank of America Merrill Lynch, JPMorgan and Mediobanca acted as underwriters.
• The deal was announced at the same time as 14,000 job cuts and 900 branch closures and is part of a wider plan to shore up the bank's balance sheets and deal with NPLs.

Sam Duke - Editor