The Board of Directors of Banca del Fucino, controlled by the Torlonia family, has given the green light to the merger with Igea Banca. The Bank chaired by Alexander Poma Murialdo explains in a note that the operation provides for the deconsolidation of Banca del Fucino's entire non-performing loan portfolio (about 300 million euro) and the sale of Igea Banca's fintech branch.
"In this context - reads the note - even the current shareholders will continue to support the Bank in its future growth path to guarantee the consolidated relationship of trust with customers".
Banca Fucino's press release does not go into detail or indicate the financial commitment of the Torlonias in the recapitalization which should allow the current Fucino shareholders to maintain a round stake in the soon-to-be-established banking group.
The note adds only that "several new institutional investors will enter the shareholding structure of Banca del Fucino, an expression of the Italian and international industrial and financial world, some of whom are already shareholders of Igea Banca".
The number of new investors who are not Igea shareholders today will certainly increase with the Banca del Monte di Lombardia Foundations and the Pescarabruzzo Foundation. According to rumours, the combination scheme envisages a reverse merger of Igea Banca into Banca Fucino with the simultaneous spin-off of the buyer's fintech activities in order not to lose the second banking licence.
Among the new investors there will most likely also be the Voluntary Scheme of the Interbank Fund to which Igea Banca has turned to ask for support for the positive outcome of the operation. In the note, Fucino adds that the details of the operation will be disclosed together with Igea Banca in the next few days.
