CheBanca doubles in size, concluding the acquisition of Barclays' retail business in Italy. The operation, closed on 26 August, brings funding from the Mediobanca subsidiary to over 20 billion euro. In addition, Barclays will pay CheBanca 240,5 million as a compendium of a break-even business unit.
In detail, Chebanca acquires 220 thousand retail customers, direct deposits of 2,9 billion, indirect deposits of 2,9 billion, 85 branches throughout the country, 564 employees belonging to the retail commercial area and 68 financial advisors.
Thanks to the transaction, the number of Chebanca customers thus increases by 38%, to 800 thousand, assets under management grow by 74% to 6,8 billion, direct deposits by 27% to 13,6 billion, mortgage loans by 50 % to 7,5 billion and branches rise to 143.
"The acquisition - underlines the note - comes to the end of a three-year period (2014-2016) in which the Mediobanca group has been strongly committed to becoming simpler and better assessable by the market, capable of ensuring sustainable profitability in the medium term by investing in development of three specialized banking activities (Cib, Consumer Credit and Wealth Management), with a high commission content and low capital absorption".
