![]() Koc Holding and UniCredit agreed in 2019 to unwind the joint venture through which they jointly controlled Yapi with a near 82% overall stake. The share sale is slated for the first quarter of 2022. Shares in UniCredit rose 1.4% by 1007 GMT against a flat sector. "The deal is coherent with the group's strategy of exiting areas with low capital returns, high earnings volatility and no active control," BofA analyst Alberto Cordara said in a note confirming a "buy" rating on the stock. The accounting charge has no impact on UniCredit's capital and it does not affect its underlying net profit, a measure of profit stripped of one-off items which the bank uses for its capital distribution policy. At the same time, the bank will book a non-cash hit of 1.6 billion euros to its fourth-quarter earnings due to currency reserves linked to the stake.
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