Italy's largest bank UniCredit is seeking a strategic partner for its asset management business Pioneer, as part of a plan to bolster its capital base, several sources close to the matter said on Wednesday.
Reuters reports that UniCredit in July ended long-running negotiations to merge Pioneer with Santander's asset management division in a deal valuing Pioneer at around $3.1bn because of regulatory hurdles.
The Italian bank said then it was looking at alternative options for Pioneer, including a market listing.
Chief Executive Jean-Pierre Mustier, appointed in July, is widely expected to launch a multi-billion euro capital increase and sell assets in coming months to boost UniCredit's balance sheet.
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