In line with the strategy to divest non-core assets, UniCredit announces that it has signed an agreement with B&C Foundation for the disposal of its ultimate beneficiary position and an agreement regarding all former rights in the foundation.
Erich Hampel, Chairman of B&C Foundation: "We are very satisfied to have re-established our business relations with UniCredit in the best interests of the foundation's stakeholders."
UniCredit acknowledges that the Foundation has undertaken to establish an independent nomination board to define the selection criteria for the appointment of future board members.
The financial terms of the transaction are not material to UniCredit. Both parties agreed not to disclose financial terms and conditions of the agreement.
The agreement is pending the approval of the competent authorities.
Milan, October 1, 2019
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