Banco Popolare sells the entire capital of Banque Havilland Banco Popular Luxembourg. The agreement was signed yesterday. This was announced by the Italian institute, specifying that the operation will not have significant economic or financial impacts compared to the group's situation at the end of June.
For the sale, a preliminary price of 30,9 million euro to which is added the net profit that the subsidiary will realize from the beginning of the year to the closing date. “This price assumes an extraordinary distribution of Banco Popolare Luxembourg's assets in favor of Banco Popolare for the contractually agreed minimum amount of Euro 40 million”, adds the Bank.
The risks and rewards of the entire loan portfolio of the transferred subsidiary will remain with Banco Popolare and the sale transaction does not include the transfer of the Aletti Suisse equity investment. Banco Popolare Luxembourg has total assets as at 30 June 2015 of Euro 1,9 billion.
Today at the opening, Banco Popolare's share on the Stock Exchange gains 0,2%, to 16,28 euros.
