UniCredit to liberate capital on Pillar 2 change

Italian lender UniCredit plans to pay shareholders more this year in anticipation of an easing of rules around regulator-imposed capital add-ons.

From 2021, Pillar 2 requirements (P2R) will no longer have to be met 100% with the highest-quality capital, Common Equity Tier 1. The European Central Bank estimates the change will lower CET1 requirements by 90 basis points on average.

UniCredit executives say, in light of the change, the bank will raise its planned capital distribution to 50% of

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