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International Business Times
International Business Times
Business

REVEALED: Unicredit boosts outlook after walking away from banco bpm | Rare Historical Photos

UniCredit shares rose more than four percent as investors reacted to the bank reporting a jump in second quarter profits and walking away from a fraught bid for rival Italian lender Banco BPM (Credit: AFP)

Italy's UniCredit posted a sharp rise in quarterly profit on Wednesday despite lower revenues, a day after it withdrew its offer for smaller rival Banco BPM due to government interference.

Late Tuesday, UniCredit said it was dropping its bid for Italy's third-largest bank Banco BPM, blaming restrictions on the deal imposed by the Italian government while calling it a "missed opportunity" for shareholders.

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