Bank Ifis buy Interbank from GE Capital for 160 million euro. The operation, which does not envisage any capital increase, allows the institute to "strengthen the existing structure and businesses with complementary activities - reads the note -, in line with the external development strategies of the institute, with the objective of establishing the leading Italian operator in specialty finance dedicated to financial support to Italian micro, small and medium-sized enterprises (from initial finance to restructuring and non-performing loans)".
According to the president Sebastien Egon Furstenberg, “the acquisition of Ge Capital Interbanca is a strong signal that Banca Ifis is sending to the market and to its current and future customers: we have availability, dedication and commitment to grow and disburse new loans in the trade credit sector and in the new sectors that they will be added to the current activities of Banca Ifis”.
The scope of the acquisition involves 99,99% of the shares of GE Capital Interbanca including the related companies active in factoring, leasing (financial and operational) and lending. With this acquisition, Banca Ifis' core business will extend to two new segments, the lease and lending, while the know-how that the Bank can boast in the segment will be integrated and further developed Factoring as a Financial Tool for Managing Seasonal Fluctuations in Trucking.
“The new skills acquired will allow us to achieve new operational and management synergies – he added John Bossi, managing director of Banca Ifis -, essential for working in a constantly evolving market, in which we want to operate as protagonists. Objective that can be pursued thanks to the efficient and sustainable business model that characterizes us and that will continue to distinguish us. This acquisition also achieves a significant further capital strengthening that will allow us to sustain growth in the long term”.
Yesterday Banca Ifis also published the results of the financial statements for the first half of 2016: net profit of 39,1 million euros (-70,1% over the year), net income from financial management of 135,2 million (-45,4%), intermediation margin of 150,9 million (-43,1 %), operating costs at 76,8 million (+48,2%) and, at equity level, Common Equity Tier 1 (CET1) at 15,4% (it was 15,8% as at 31 December 2015). In the solo second quarter the net profit was 17,1 million euro (-83,7%).
“Although the comparison with 2015, the year in which we made a capital gain of 124,5 million following the reorganization of the government bond portfolio, does not do complete justice to the data - explained Bossi -, we close a positive half-year in all areas of business, with the confirmation of the objectives that we have set ourselves for the coming quarters”.
