La Cooperative Credit Bank of Rome completed, effective as of 1 January 2017, the acquisition of the assets and liabilities of the Bank of Frascati Cooperative Credit. The merged entity has 13 employees and, as at 30 June 2016, recorded 29,6 million euros in customer loans and direct deposits of 47,1 million euros. Banca di Frascati closed the 2015 financial year with a loss of 612.638 euro and an operating loss is also expected for 2016.
Established in November 2008, Banca di Frascati operates with a single branch a little worm, in the territory of the municipality of Frascati, in Via Tuscolana Vecchia 109, just outside the Grande Raccordo Anulare. This intervention, like the others that are being implemented among the Cooperative Credit Banks belonging to the Federation of mutual banks Lazio Umbria Sardinia, is part of the broader context of concentration and strengthening of Cooperative Credit in Central Italy.
“The acquisition of Banca di Frascati, carried out in full harmony with the Federation of BCC Lazio Umbria Sardegna, in addition to representing a natural completion and strengthening in a contiguous area for BCC of Rome, is an operation implemented in a mutualistic spirit, which envisages an intervention against a BCC in operational difficulties due to small dimensions, such as not to allow those economies of scale necessary today to operate profitably" he stated Francesco Liberati, President of BCC of Rome.
“Our intervention – continued Liberati – will make it possible to relaunch credit and commercial activity on the basis of a wider range of services and credit services, also safeguarding jobs”.
