Banco Popolare reached an agreement yesterday with the majority shareholder Crédit Agricole on the joint venture Agos Ducato, a financial company 61% owned by the French institute and 39% by the Italian one. In addition to the agreements already in place, the agreement introduces mutual guarantee mechanisms between the partners, relating above all to the protection of the value of the equity investment, and to the future development of the company.
The capital of Agos Ducato will be strengthened for a total amount of 450 million euros, of which 300 from a capital increase and 150 through the issuance of financial liabilities. The capital increases will be subscribed by the shareholders in proportion to their respective shareholdings. Banco Popolare's share will involve a total investment of 117 million. The objective of the plan is to ensure that Agos maintains the total capital ratio at a level that complies with regulatory provisions.
Also yesterday, in the evening, the board of directors of Agos Ducato was held to approve the financial statements as at 31 December 2012, filed with a net loss of 604,8 million euros. In the 2013-2017 industrial plan, the finance company expects a return to profit starting from 2014.
