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.