On July 1st 2018, UniCredit completed the disposal of its Italian pawncredit business to Dorotheum, after obtaining the relevant regulatory approvals.
Terms and conditions of the transaction remain unchanged as announced in November 2017. According to the agreements, UniCredit will continue to offer the possibility to renew pawn tickets through its branches.
The transaction in 3Q18 will generate a positive impact for UniCredit over €100 million in the consolidated Profit & Loss Account and of almost 4 bps on the consolidated CET1 ratio.
Dorotheum, leading pawncredit service provider and auction house, will expand the business throughout Italy, leveraging on its pan-European expertise and investing in the distribution platform.
Milan, July 2, 2018
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