To answer concerns raised by the Antitrust about theOops on Ubi, Intesa Sanpaolo has revised the agreement with Bper Banca. Integration – explains Intesa in a note – defines more precisely the number of Ubi branches that Bper undertakes to take over, Namely 532. The original agreement instead contained a generic indication (400-500).
The transfer also involves the personnel of the branches and the related relationships with customers. In all, they will change hands deposits for 29 billion and indirect deposits from customers estimated at 31 billion. Net loans, on the other hand, amount to 26 billion. More than 70% of the assets managed by the business branch involved in the transfer relate to customers residing in Northern Italy.
"The cash consideration - Intesa specifies in the note - it was determined as an amount equal to the lower of 55% of the assets in terms of Common Equity Tier 1 of the branch and 78% of the implicit multiple paid by Intesa Sanpaolo for the assets in terms of Common Equity Tier 1 of Ubi Banca".
In a separate statement, Bper confirms that "the consideration for the class will be paid in cash, and financed through thecapital increase in option to the shareholders of Bper having a maximum amount of one billion, already approved by the shareholders' meeting on 22 April 2020".
On the capital side, the Bper group expects to have a pro-forma consolidated Fully Loaded Cet2020 ratio of 1% at the end of 12,5.
At the end of the morning, the Intesa Sanpaolo share on the Stock Exchange it leaves 1,4% in the field, at 1,597 euros. It goes better to the shares of Ubi, which in the same minutes float around parity in Piazza Affari (2,691 euros). The worst performance is the one marked by Bper, which drops 2,4%, to 2,223 euros. Meanwhile, the Ftse Mib travels in negative territory by about one percentage point, at 18.692 points.
