Intesa-Bper agreement for the sale of 532 branches of Ubi Banca – La Stampa


A good 532 branches of Ubi Banca will soon reopen under the banner of the Bper Group. It is the result of an agreement between Intesa San Paolo and the Banca Popolare dell’Emilia Romagna itself. The operation that changes the structure of the credit network in Italy falls within the scope of the voluntary totalitarian public exchange offer announced on February 17. The supplementary agreement is the final act of the Ops signed by Intesa with Bper on the sale of a business branch of Ubi Banca, consisting of a group of branches of the group resulting from the operation and their respective employees and customer relations .

The branch that will pass into the hands of Bper will consist of deposits and indirect deposits from customers estimated at around € 29 billion and € 31 billion respectively and by net loans estimated at around € 26 billion. Over 70% of the masses belonging to the branch relate to customers based in the northern regions of the country. Following the communication of the preliminary findings by the Competition and Market Authority (Agcm), the business unit to be sold was further and consistently specified. The cash consideration was determined in an amount equal to the lower of 55% of the assets in terms of Common Equity Tier 1 of the branch and 78% of the implicit multiple paid by Intesa Sanpaolo for the assets in terms of Common Equity Tier 1 of Ubi Banca.
The nature of the supplementary agreement, underlines in a press release by Bper, “confirms the strategic and industrial rationale of the operation, in line with the objectives of dimensional growth and consolidation of the competitive positioning of the Bper Group, strengthening both the customer base and market shares in regions of great economic importance where Bper currently has a limited presence ». The supplementary agreement provides for an extension of the branch to 532 branches compared to the 400-500 indicated at the beginning.
The consideration for the sale of the branch will be paid in cash and financed by means of the capital increase of up to one billion euros in option to the shareholders of Bper. The acquisition will favor, in particular, a further improvement in credit quality with an estimated gross Npe Ratio of 8.4%, if calculated pro-forma on the data at March 31, 2020, taking into account both the asset quality profile of the branch and the imminent finalization of the assignment of non-performing loans through a securitization transaction with a state guarantee, adds Bper.

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