ICBC Considers Bid To Acquire Pioneer Investments
News: Industrial and Commercial Bank of China (ICBC) is said to be considering a bid to acquire Italian lender UniCredit's asset management business, Pioneer Investments. Pioneer's assets under management rose by 10% to EUR174bn (US$240bn) at end 2013. UniCredit reportedly plans to sell or list its asset management unit, but the lender declined to comment on the matter. The lender also declined to comment on ICBC's interest. An ICBC spokesperson denied that it was in discussions with Pioneer over the acquisition. ICBC has not placed any formal offer for the business, but has communicated its willingness to the asset manager.