UniCredit’s Romanian subsidiary repatriates 80% of its net profit
UniCredit Bank, the Romanian subsidiary of Italian UniCredit group, will distribute dividends worth RON 449 mln (EUR 93.5 mln), almost 80% of the RON 573 mln (EUR 119 mln) net profit achieved in 2019, Profit.ro reported. The decision pends…
Romania Insider · Journalist
· Updated · 1 min read
UniCredit Bank, the Romanian subsidiary of Italian UniCredit group, will distribute dividends worth RON 449 mln (EUR 93.5 mln), almost 80% of the RON 573 mln (EUR 119 mln) net profit achieved in 2019, Profit.ro reported. The decision pends the approval of the shareholders on April 8.
Italian UniCredit Group is the bank’s majority shareholder, with 98.6%.
The Italian group is undergoing a major restructuring during this period.
The remaining 1.31% of the bank’s shares are held by Romanian investors, mainly former shareholders of the Ion Țiriac Commercial Bank.
From the 2019 net profit, the bank will retain almost RON 96 mln (just over EUR 20 mln) in order to increase its capital and RON 28.18 mln for investments for which the bank receives tax exemption.
The Romanian subsidiaries of the Italian UniCredit Group reported a consolidated profit of EUR 132 million in 2019, up 13.1% compared to 2018, while their operating result rose by almost a quarter.
The group operates Romania’s fourth-biggest bank by assets - UniCredit Bank, as well as UniCredit Consumer Financing, UniCredit Leasing Corporation, UniCredit Insurance Broker, UniCredit Leasing Fleet Management and UniCredit Services.
(Photo source: Viorel Dudau/Dreamstime.com)
