Banco di Desio and Brianza has signed a agreement to acquire the majority of the capital of Dynamic Retail, a company specialized in providing loans guaranteed by the transfer of one fifth of the salary.
The bank will acquire at least 80% of the share capital, leaving the remaining share in the hands of the current management of Dynamica Retail. The latter will maintain the stake and continue to play a role in the growth of the company within the Banco Desio group.
Initial payment of 1,2 million euros
Desio Bank will acquire 57% of the shares of Dynamica Retail through a initial payment of approximately 1,2 million euros.
Furthermore, a capital increase reserved for Banco Desio of approximately 6-7 million euros is expected. Payment will be made entirely in cash using internal resources, and the transaction is expected to close within the first half of 2024. In 2022, Dynamica recorded a gross production of 173,4 million euros, but reported a loss of 2,3 million euros.
Decio: "first step for the implementation of the industrial plan"
“The operation represents a first step in the implementation of the Industrial Plan of the Banco Desio Group “Beyond 2026”, aimed at doubling our presence in the salary-secured sector over the course of the plan – commented the CEO Alessandro Decio – further consolidating our positioning around the subsidiary Fides”.
The acquisition will allow aexpansion of market presence and a diversification of income sources, with a limited impact on capital absorption, as stated in a note. The impact on the Cet1 of the Banco Desio group is expected to be approximately -20 basis points.
