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May 14, 2021
BUSINESS

Ion Tiriac sells his 45 pc stake at UniCredit Tiriac Bank

Businessman Ion Tiriac decided to sell the 45.059 per cent stake he owns at UniCredit Tiriac Bank to the Italian group UniCredit, the majority shareholder of the bank, during the exit option agreed between the shareholders, banking sources told Mediafax. That would be the major transaction in the banking system after the crisis.
Ion Tiriac owns shares at UniCredit Tiriac Bank through his companies Redrum International Investments B.V, 24.8310361 percent of the shares capital and Vesanio Trading Limited, 20.2286933 percent of the shares capital. The Italian newspaper Messaggero reads that the Italian group reached an agreement in principle with Ion Tiriac and the signing will take place in a week, and the conclusion of the transaction will take place by Christmas. UniCredit will pay EUR 700 million for Ion Tiriac’s stake, part of which will be paid in cash. Businessman Ion Tiriac refused to comment on this information. On the other hand, Fitch Ratings confirmed on Friday the rating of UniCredit Tiriac Bank which reflects the strategic importance of the division in Romania of the parent bank UniCredit.

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