Bain, CRC among bidders for parts of UniCredit’s leasing unit – sources – Reuters

January 25, 2022 by No Comments

UniCredit bank logo is seen in Siena, Italy June 29, 2017. REUTERS/Stefano Rellandini/File Photo

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MILAN, Jan 24 (Reuters) – UniCredit (CRDI.MI) is weighing around five non-binding offers for parts of its leasing operations, two people close to the matter said, as CEO Andrea Orcel focuses on businesses that don’t tie up much capital.

In a new strategy on Dec. 9, Orcel pledged to generate enough capital to return 16 billion euros ($18 billion) to investors in dividends and share buybacks through 2024. read more

The former UBS banker said UniCredit would bet on businesses that would help it maximise return on allocated capital (ROAC).

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That is not the case for the leasing business, and Reuters first reported in October that Italy’s second-biggest bank by assets was exploring a possible sale. read more

After inviting around 50 investors to look at the business of which 16 responded, UniCredit just before Christmas received around five non-binding offers to which it is yet to reply, one of the sources said.

The bidders are private equity firms Bain and Christofferson Robb & Co (CRC) and two foreign leasing industry players, the two sources said.

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