Banca Carige sells the asset management division to Arca Sgr. The transaction was carried out at the invitation of the Supervisory Authorities, in order to guarantee the separation between product factories and distribution networks, and to offer customers a wider range of investment products.
The sale price, equal to €101 million, will result in a gross capital gain of €93 million for the Banca Carige Group, which reduces the need for capital strengthening. The operation will result in an improvement of the Core Tier 1 ratio of the Banca Carige Group equal to 40 bps.
Carige AM SGR, established in 2003, is the asset management company of the Banca Carige Group, with over €4,2 billion in assets under management, of which €3,3 billion in mutual funds, as at 30 June 2013. At the same date the equity was €8,3 million. The company ended 2012 with a net profit of €4,4 million.
With the acquisition, Arca Sgr will bring the amount of managed funds from 19,3 to 23,5 billion euro.
The transaction is expected to close at the end of 2013, subject to obtaining the authorizations from the competent Supervisory Authorities.
