Italy’s biggest bank UniCredit (CRDI.MI) confirmed on Friday it was in talks with potential buyers to sell its asset management unit Pioneer Investments as it seeks to strengthen its capital base.
A deadline to submit binding bids for Pioneer, which is estimated to be worth more than 3 billion euros ($3.27 billion), expired this week. UniCredit is conducting a strategic review under new Chief Executive Jean Pierre Mustier, who has already sold some assets to raise capital and will unveil a new business plan on Dec. 13.
Poste Italiane (PST.MI) said late on Thursday it had submitted an offer together with asset gatherer Anima Holding (ANIM.MI) and state lender Cassa Depositi e Prestiti.
The Italian press reported UniCredit had received a total of four offers.
“UniCredit confirms it received some offers for Pioneer Investments … there is no certainty that talks will lead to a deal,” the bank said in a statement.