Investment Banking

UniCredit shares up sharply on profits and Mediobanca stake sale

UniCredit’s exit from the investment could cascade through corporate Italy

Thursday 7 November 2019 at 17:13

Italy’s largest lender, UniCredit, has shed its entire stake in investment bank Mediobanca, a move that ends a 70-year-plus relationship and has the potential to shake up the country’s corporate landscape.

The stake sale was announced late Wednesday. On Thursday, UniCredit reported sharply higher third-quarter net profit, its shares rising 6.2% in early trade. Mediobanca shares were down 0.4%.