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UniCredit finalizes the sale of a majority shareholding in Bank BPH to GE Money

Today, UniCredit has transferred to GE Money Bank - the Polish bank belonging to the global consumer lending division of General Electric - a majority shareholding in Bank BPH.

Under the terms of the deal, UniCredit has sold a shareholding close to 66%, out of a total stake held by UniCredit in Bank BPH amounting to 71.03% of the corporate capital of the bank.

The transaction envisages also the sale by CABET Holding, a wholly owned subsidiary of Bank Austria Creditanstalt, to General Electric Capital Corporation of the 49.9% shareholding in BPH TFI (operating in the asset management sector and controlled by Bank BPH), the finalization of which is scheduled for tomorrow.

The aggregate purchase price for the entire deal is €625.5 million in cash and the transaction shall generate a positive impact on UniCredit Core Tier 1 ratio equal to ca. 7 bps.

Bank BPH is a universal bank with a network of 201 branches. As of 31 December 2007, Bank BPH had total assets of €3.6 billion, loans of €1.7 billion, deposits of €1.6 billion and shareholders' equity of €0.4 billion. As of the same date, BPH TFI had total assets under management of €1.8 billion.

The sale of UniCredit's shareholding in Bank BPH is the final step to fulfill the agreement concluded on 19 April 2006 between the Ministry of State Treasury of the Republic of Poland and UniCredit.

Milan, 17 June 2008


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