On 18 June the Creval shareholders' meeting will nominate the Board called to guide the new Crédit Agricole Italia course. This was announced by the bank of Sondrio which published today, May 6, the accounts for the first quarter, closed with a net profit up 10,6% to 28 million euro.
The French takeover bid on Credito Valtellinese concluded with subscriptions equal to 91,17% share capital, a very high percentage of consensus achieved thanks to the latest raise which ensured participants 12,5 euros per share for a total of 855 million. Agricole has therefore assumed control of the Valtellinese institute and has all the numbers to proceed with the merger and delisting.
The first step will be though the appointment of the new board of directors given that the current, despite being only three weeks in office, after the conclusion of the takeover bid it will have to be modified in order to represent the new balances of the bank.
The Credito Valtellinese board of directors, "in order to ensure the unity of management and strategic guidelines within the Crédit Agricole group, with a collaborative and constructive spirit", has mandated the chairman Alessandro Trotter to convene the shareholders' meeting on 18 June, reads the note released today by Creval. The agenda will be the appointment of the new board that will remain in office until 2023, complete with decisions on compensation.
Putting the controversies of the last few months behind it, the current board of Creval assures its own “willingness to allow for the most serene succession in the management of the bank", continues the note, explaining that the current top management, having acknowledged the results of the Agricole takeover bid, believe "that within a leading European banking group such as Crédit Agricole, the bank will be able even more develop along the path of sustainable growth already launched at the service of customers and the territories in which it operates".
Turning to the accounts, the first quarter of Creval ended, as mentioned, with a profit of 28 million euros (+10,6%). Also growing are the operating income, which rose by 3,4% to 151 million euros, while the interest margin stood at 84,4 million, an increase of 4,7% and le net commissions they reached 61,1 million euro, up 4,8%. The credit adjustments amounted to 22,6 million against 29,6 million in the first quarter of 2020.
Speaking instead of the patrimonial parameters, the fully loaded Cet1 coefficient is at 19,8%, from 19,6% at the end of 2020. The direct collection total fell to 17,6 billion from 17,9 billion at the end of 2020 and from 18,6 billion in March 2020).
I net loans to customers remained stable at 15 billion, while the incidence of gross impaired loans it is at 5,8% against 8,6% in March 2020, for a stock of non-performing loans that has fallen by 30% per annum to 953 million.
