Intesa Sanpaolo, sensing the deal, has decided to take the plunge. The board of directors of the bank led by Carlo Messina has decided to give the green light to the partial purchase of Popolare di Vicenza and Veneto Banca, thus saving them from bankruptcy.
“The Board of Directors of Intesa Sanpaolo, which met today, unanimously approved the willingness to purchase certain assets and liabilities and certain legal relationships belonging to Banca Popolare di Vicenza and Veneto Banca, provided that conditions and terms guarantee, also on the legislative and regulatory plan, the total neutrality of the transaction with respect to the Common Equity Tier 1 ratio and the Intesa Sanpaolo Group's dividend policy”.
This is what can be read in the note published this afternoon by the largest Italian bank.
For the Veneto banks, therefore, the turning point that everyone has been waiting for for weeks seems to have arrived.
The acquisition would take place as a going concern, but would only concern the commercial activity of the institutes and the network. As regards non-performing loans, the value of which amounts to around 10 billion euro, plans are being made to spin off the entire amount of non-performing loans in a bd bank that the state and the holders of subordinated bonds will be called upon to recapitalise. "The availability of Intesa Sanpaolo - continues the note - concerns the acquisition of a segregated perimeter which excludes non-performing loans (bad loans, unlikely to pay and past due exposures), high risk performing loans and subordinated bonds issued, as well as shareholdings and other legal relationships considered non-functional to the acquisition”.
There is still no certainty on the purchase price, but in all likelihood Intesa will pay a symbolic amount. As pointed out by the Messina institute, there will be no capital increase, unlike what was done by Banco Santander in Spain for the purchase of Banco Popular.
The news was welcomed positively by investors in Piazza Affari. The Intesa Sanpaolo share is running, gaining 1,82% to 2,58 euros, one hour after the end of the Stock Exchange session.
