UniCredit Sells Kazakh Unit For $500M In Cost-Cutting Push

Law360, New York (March 15, 2013, 4:45 PM EDT) -- Italy's biggest bank, UniCredit SpA, on Friday confirmed it will unload its Kazakhstan offshoot to KazNitrogenGaz LLP, with several outlets pegging the purchase price at less than a quarter of the $2.1 billion consideration the flagging bank paid for the unit six years ago.

The ATF Bank sale deals a blow to UniCredit, which has struggled especially hard as the Italian economy endures its worst recession in decades. Kazakh businessman Galimzhan Yessenov, who controls the company that bought the unit, reportedly paid about $500 million for...
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