Banco Bpm binding agreement with Banca Popolare di Sondrio for Factorit. The banking institution has achieved a binding agreement for the sale of the 39,5% stake held in Factorit. The Valtellinese institute, which already held 60,5%, takes control of the Milanese company. The value of the transaction is equal to 75 million euros - in line with the value at which the stake is recorded in the consolidated financial statements as at 31 December 2021 - and is not subject to subsequent adjustments.
Factorit, intermediary pursuant to art. 106 of the Consolidated Banking Act, operates in advances, in the collection of trade receivables and in connected services, with over 2 thousand customers distributed throughout the national territory. The company is the fourth operator nationwide and offers companies operating in Italy and abroad a complete range of products Factoring as a Financial Tool for Managing Seasonal Fluctuations in Trucking, able to meet their needs in terms of financing, guarantee and management of trade receivables. During 2021, loans worth €15,3 billion were acquired with an average loan of around €3 billion.
The completion of the transaction, which is part of the more general rationalization action of the equity investment portfolio undertaken in recent years by Banco Bpm, therefore does not have any impact on the income statement, while it generates a positive impact on the Fully Phased CET1 Ratio equal to 14 basis points compared to the figure as at 31 December 2021.
