Italian banks UniCredit and Intesa Sanpaolo said they were selling their combined 11.5 percent stake in the London Stock Exchange (LSE), as they both move to shed non-core assets and boost their capital.
In separate statements on Tuesday, UniCredit and Intesa said they would place their respective stakes with institutional investors. UniCredit has 6.1 percent and Intesa 5.4 percent of the LSE, which bought the Milan bourse in 2007, making them the LSE's third and fourth biggest shareholders.
"It was a non-strategic asset for both banks," said one source close to the situation. "The move is consistent with the strategy of refocusing on core business and also nets a capital gain," the source, who declined to be named, said.
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