It will be the second national operator for size, wholly controlled by Italian institutions.
Banco BPM has granted aexclusive to Fsi Sgr, Pay Holding and Bcc Pay for the establishment of a new pole in the money. The overall valuation is more than 2 billion between upfront and running. “This exclusivity”, says a note, “is aimed at negotiating and defining the terms and conditions of a potential partnership in the issuing and acquiring sectors”. At the same time, one will be perfected j, in whose capital the Bank will be able to enter with a significant share. It is estimated that BancoBpm will re-enter the company with a stake of approximately 30%, similar to that of Iccrea, and the remaining 40% to FSI.
The second operator will be born, all Italian
“The new partnership will lead to the creation of the second national operator for size, wholly controlled by Italian institutions, to which Banco BPM intends to transfer its activities in the business of moneythe note said again. "with recognition of a mixed consideration in cash and in shares involving benefits also in terms of capital". The signing of a distribution agreement is also envisaged which will allow the Bank to “preserve i commission levels running (approximately 140 million euros in 2022) and to exploit all the valorisation potential, quantifiable at over 2 billion in terms of NPV, in a sector with high growth potential in terms of volumes and revenues".
Industry experts predict a valuation of the e-money business of between 500 and 600 million, between earn-out and upfront payment. At this point, the CEO, on behalf of the board of directors, will carry on negotiating the terms and conditions of the potential transaction, which is subject to the authorizations of the law, as well as to proceed with the eventual signing of the binding memorandum of understanding.
FSI in April had signed an agreement with Bancomat
The FSI fund has recently scored several goals in the world of Fintech and payment and digital. In April, the Fund made an agreement with Bancomat which provides for an investment of up to Euro 100 million, through a reserved capital increase, to become its first shareholder. But overall the total invested amounts to almost one billion with the aim of a transformative growth of Italian companies. In addition to BccPay, Tamagnini has focused on the Lynx system integrator, and then on core banking, investing in Cedacri and before that in Sia.
