UniCredit says turnaround plan on track

(ANSA) - Milan, December 12 - UniCredit CEO Pierre Mustier said Tuesday that the Italian bank's Transform 2019 turnaround plan was fully on track and announced another reduction in gross non-performing loans of four billion euros. "We confirm our initial key objectives," Mustier said. The lender said it will pay shareholders 30% of its 2019 profits, up from the 20% previously planned. UniCredit said that it has "signed binding agreements to reduce its stake in FINO to below 20%, at a price when taking into account the structure of the agreement". The move is a key part of the bank's strategy to reduce its exposure to non-performing loans (NPLs).