Bper buys Unipol Banca and flies to the stock exchange. At 12.45 the share gained 9,1% to 3,228 euros, after having nearly risen by 10%, and achieved the best performance of the Ftse Mib (+0,1%).
The shower of sales comes following the important news announced today by CEO Alessandro Vandelli, first of all the acquisition of 100% of Unipol Banca for €220m. The amount, explain the two companies involved, will be paid entirely in cash. “Although the timing of the transaction depends on various variables, some of which are beyond the control of Bper, the transaction is expected to be completed in the third quarter of 2019, explains the CEO of the Modena bank.
In the context of the operation Bper also sold two bad loan portfolios to Unipol with a book value of €1,3 billion at a price of €130 million. Unipol will take on "a stable, long-term investor role" in Bper, of which it is currently the largest shareholder with 15% of the capital, with an option to increase up to 20%. "We have the opportunity to go up to 20% and we will go up", clarified the CEO of Unipol Carlo Cimbri in a conference call.
But Bper's shopping doesn't end here: the bank acquired 49% of Banco di Sardegna. The transaction also provides for the transfer to Bper of all the ordinary and preferred shares held by Fondazione di Sardegna, against the issue in favor of the same of 33.000.000 new Bper shares and an Additional Tier1 subordinated convertible instrument ( AT1) with a nominal value of 150 million issued by the same Modenese bank.
During the conference call on the 2018 accounts, Vandelli also confirmed that Bper would be very close to the purchase of 40% of Arca Sgr (these are the shares of the former Venetian companies), explaining how "the impacts on capital are very very low". the manager defined the purchase of Arca as "a great opportunity for Bper and Popolare di Sondrio", who are already shareholders of the asset manager.
As regards the accounts, Bper closed 2018 with a net profit of 402 million euros – “The highest in the history of the group”, specifies the company – from 176,4 million in 2017. The interest margin is stable at 1,12 billion, while net commissions have risen to 776,3 million (+4,8%). Management costs also rose, reaching 1,38 billion, while the result from operations fell to 698,4 million euro.
In terms of capital ratios at the end of 2018, the "phased in" Cet1 ratio is equal to 14,27% (14,74% as at 30 September 2018), while the index calculated under the "fully phased" regime of full application is equal to 11,95% (12% last September).
The bank also emphasizes the "significant reduction" of the gross Npl stock, equal to 3,5 billion since the beginning of 2018 (-33,1%). As a result, the gross Npe ratio stands at 13,8%, down by more than 6 percentage points from 19,9% at the beginning of the year, while the net Npe ratio stands at 6,8% (from 9,2%). .
The Board has proposed a cash dividend of 13 cents per share (against 11 cents in 2017).
