Double split for IW Bank, the online bank specializing in the investments of individuals and families: from Fideuram a Intesa Sanpaolo. Following the authorization issued by the European Central Bank, the partial demerger project of IW Bank in favor of Fideuram-Intesa Sanpaolo Private Banking and of Fideuram-Intesa Sanpaolo Private Banking in favor of Intesa Sanpaolo was filed with the Company Register of Turin, as provided for by art. 2501-terc.c.
The transaction follows the process of valorisation and integration between the two banking groups, started in the context of merger of Ubi Banca in Intesa Sanpaolo. Merger which was first preceded by the demerger of Ubi in favor of Fideuram-ISP of the investment in IWBank, on 12 April 2021.
Fideuram-Intesa Sanpaolo PB (BF) is a wholly owned subsidiary of Intesa. For an efficient integration within the Private Division, the demerger of IW in favor of BF of the banking activities was proposed, in order to allow the transformation of IW from a bank into Securities Brokerage Company (SIM), authorized to provide financial consultancy and placement of investment products and services. The project to transform IW into a SIM is aimed at "preserving the continuity of IWBank's business and enhancing its service model".
More precisely, with the "First Split”, banking activities, the management of direct channels, remote operations on electronic and telephone channels and the provision of trading services were sold to Fideuram. IWBank's performing mortgage portfolio passed directly to Intesa Sanpaolo, while governance and control, risk management and support services are guaranteed by the structures of Intesa Sanpaolo and Banca Fideuram.
Subsequently the “Second Split“. Intesa will be assigned the company branch organized for the management of specific banking and financial activities, in the universality of the active and passive legal relationships that make it up in an economically organized unit and in the set of assets and liabilities.
The demerger will be approved by the Board of Intesa Sanpaolo, with the exception of the shareholders requesting (at least 5% of the share capital), by 5 November 2021, that this decision be adopted by the Extraordinary Shareholders' Meeting.
This solution – reads a note from Intesa Sanpaolo – is considered the best balance between the need, on the one hand, to preserve the loyalty of the distribution network of financial advisors and the related customers. Furthermore, the operation aims to “create synergies and minimize operational risks”.
