After the green light from the supervisory authority, Unicredit has completed the transfer of the pawnshop business in Italy to the Austrian Dorotheum.
The operation, announced with the agreement last November, provides that the Italian Bank will continue to provide the policy renewal service at its branches.
In the third quarter, the transaction will have a positive impact of over 100 million euros on Unicredit's income statement and almost 4 basis points on the group's CET1 ratio.
Dorotheum, operator in the pawnshop sector and auction house, will expand its business in Italy, leveraging its international experience and investing in the distribution platform.
Pawn credit is a long-standing activity that has come back into vogue in the years of the crisis and consists in leaving jewels or precious objects as a pledge in order to obtain credit from the bank.
Despite the news, at the end of the morning the Unicredit stock dropped 1,75% to 14,046 euros.
