March 24, 2014

Investment fund BlackRock becomes biggest shareholder of lender UniCredit

Investment fund BlackRock becomes biggest shareholder of lender UniCredit

BlackRock Inc, the world’s largest money manager, has increased its stake in UniCredit to 5.2 percent, becoming the Italian lender’s biggest investor, according to Bloomberg.

BlackRock had a stake of more than 5 percent as of March 7, according to a filing on Italian market regulator Consob’s website, Bloomberg reported.

The stake makes it the Milan-based bank’s largest shareholder, according to UniCredit’s website.

The stock jumped 6.2 percent on March 11 even as the lender posted a record €15 billion loss on higher provisions for bad loans and a goodwill write-down.

Locally, UniCredit Tiriac Bank ended 2013 with a net consolidated profit of €19.8 million, half of the amount reported the year before.

According to the Financial Times’ company profile, BlackRock has a revenue of $10.18 billion a year and more than 11,000 employees.

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