Crédit Agricole announces that its Italian subsidiary Crédit Agricole Cariparma – having completed the due diligence on Cassa di Risparmio di Cesena, Cassa di Risparmio di Rimini and Cassa di Risparmio di San Miniato – confirmed to the Interbank Deposit Protection Fund (Fitd) “the own interest in the transaction and the strategic importance it has for the pursuit of the growth objectives of the Crédit Agricole group in Italy”. This is what we read in a note.
The institute therefore confirmed until 15 September "its interest in carrying out the operation", given that "the fruitful discussions it had during these months of intense work with the Fitd, the target banks and all the institutions involved, in a constructive climate of full cooperation and mutual commitment, has made it possible to identify an operation structure aimed at preserving the assumptions and conditions that Crédit Agricole Cariparma has indicated from the outset as essential for making the operation financially and economically sustainable for the Crédit group Agricultural”.
Now, by 15 September, "the aforesaid assumptions and conditions must be confirmed with particular reference to the realization of the securitization of the non-performing loans of the three target banks and the approval by part of the assembly of members of the Voluntary Scheme of the Fitd of the increase in resources necessary to carry out the operation".
Crédit Agricole "is confident in the positive outcome of this process and, therefore, in the favorable conclusion of the transaction, recalling that the same will allow, among other things, the target banks to protect depositors and to benefit from integration within a group international banking, with significant repercussions on the economy of the reference territories and the various stakeholders involved”.
