EnglishUniCredit SpA, the largest bank in Italy, is planning to sell its 1.6 per cent in Cam Finanziaria SpA to the Malacalza Family, the newspaper Il Messaggero reported, without naming any source.
UniCredit"s stake has a market value of 2.1 million EUR (3.1 million USD) according to the Italian newspaper.
UniCredit reported a 75 per cent profit plunge to 490 million EUR in the second quarter, following a nearly 400 per cent year-on-year surge in provisions for potentially bad loans to 2.4 billion EUR. The management expects that provisions for potentially bad loans will be lower in the third and fourth quarters.
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