Banca Ifis takes over 70.77% of Farbanca

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This is the institute dedicated to the world of pharmacy and health, the last asset on sale of the former People’s Commissariat of Vicenza

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This is the institute dedicated to the world of pharmacy and health, the last asset on sale of the former People’s Commissariat of Vicenza

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Banca Ifis wins 70.77% of Farbanca’s share capital for 32.5 million euros. It is the bank dedicated to the world of pharmacy and healthcare as well as the last remaining asset to be sold to the commissioners of Banca Popolare di Vicenza.

“Announcing the acquisition of Farbanca in such a complex period is even more important because it represents a sign of confidence towards our country and confirms that in difficult times there are opportunities for growth – says Sebastiano Egon von Fürstenberg, president of Banca Ifis -. With the integration of complementary assets and the positioning of Credifarma and Farbanca, we become a leading operator in the sector at a European level and accelerate development in a market that we consider strategic, for the benefit of the entire group “.

The remaining 29.23% of the share capital is held by 450 small shareholders, mainly pharmacists. The agreement provides for a price possibly reduced following the price adjustment and the payment of a deposit equal to 15% of the consideration, a note specifies.

The transaction, for which Banca Ifis had been in exclusive negotiation since 11 May, is the first of M&A under the new governance, with the transfer of indirect control of the Bank from Sebastiano Furstenberg to Ernesto Furstenberg Fassio. “It has a strong strategic value” reiterates CEO Luciano Colombini, “it has a solid industrial rationale and constitutes the natural evolution of the investment historically made in the sector”. The project envisages the strengthening of the commercial presence, reaching over 4,700 customer pharmacies and a market share of 26%, thanks to the combination of Credifarma (almost 2,800 customer pharmacies) and Farbanca (around 1,900 customer pharmacies). Farbanca closed 2019 with a net profit of 4.1 million euros and loans to customers of around 598 million euros. At 31 December 2019, shareholders’ equity was 65.5 million euros, CET1 was 16% and risk-weighted assets (RWA) were 409.9 million euros. At 31 December 2019, Farbanca had a cost / income ratio of 43.5% and 36 employees. The estimated impact on Cet1 is around 21 basis points. In the agreement Banca Ifis was assisted by the law firm Bonelli Erede as legal advisor and by KPMG In quantity of financial advisor.

Banca Ifis, the letter to the saver



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