Global Banking Directory
Press Release Distribution Service
Add Bank | Banking Forum | Scam Alerts!
Earn up to 18% annually on cryptocurrency deposits!
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Press Release :: Intesa Sanpaolo

Logo Intesa SanpaoloIntesa Sanpaolo has signed an agreement with Fondazione Monte di Parma for the acquisition of a majority stake in the share capital of Banca Monte Parma.

Under the agreement the Intesa Sanpaolo Group shall acquire 51% of the Banca Monte Parma share capital from Fondazione Monte di Parma at the price of 159 million euro and subscribe, for an equal percentage, an increase in the Banca Monte Parma share capital of 75 million euro reserved to shareholders. This share capital increase is to be carried out through an issue of ordinary shares at the net book value per share.

Moreover, as provided for in the agreement, in the event that the other shareholders who entered into the existing shareholders' pact with Fondazione Monte di Parma (the "Parties", that collectively hold 28% of the Banca Monte Parma share capital) exercise the right conferred on them by said pact, the Intesa Sanpaolo Group undertakes to buy the Parties’ shares at the conditions set forth in the shareholders' pact - with a total maximum investment for the acquisition of 79% of the Banca Monte Parma share capital equal to around 230 million euro - and, as the case may be, to subscribe the corresponding portion of the aforementioned share capital increase. In addition, the Intesa Sanpaolo Group undertakes to subscribe any unopted portion of the share capital increase.

The finalisation of the transaction is conditional upon the authorisation of competent authorities.

As at 30 June 2010, Banca Monte Parma direct customer deposits amounted to about 2.3 billion euro euro, its indirect customer deposits to around 2.3 billion euro, customer loans to approximately 2.7 billion euro and net shareholders' equity was 156 million euro. Net income for the first half of 2010 was a negative 13 million euro.

Banca Monte Parma has a network of 67 branches in the provinces of Parma, Piacenza and Reggio Emilia, where the branch market share of the Intesa Sanpaolo Group will increase, following the completion of the transaction, from 6% to 19.6%, from 5.8% to 9.4% and from 4.8% to 6.9% respectively.

Once finalised, the transaction would have a maximum impact of around 7 basis points on the Group's Core Tier 1 ratio.

Source: Intesa Sanpaolo
Date: 19.10.2010
Financial and Banking News
 UK bank bans cryptocurrency amid fraud concerns with Binance and Kraken

TSB Banking Group Plc. is set to ban more than 5 million customers from buying cryptocurrencies amid fears over "excessively high" fraud rates on trading platforms, according to a report by the U.K.’s Telegraph newspaper.

 How Women Can Impact the Middle Eastern Financial Industry: Layal Haykal Success Story

We’re in the 21st century and women are still mistreated in some parts of the world. Their rights are violated. They don’t have the opportunity to work on equal terms with men. They’re being kidnapped and sold no matter their age. This phenomenon is highly prevalent in the Middle East. The world is evolving from globalization to technological innovations while women there are still repressed and exploited. The same image women had several decades ago hasn’t changed heavily in our present times.

 Citigroup to exit 13 global consumer banking markets, including India and China

Citigroup announced April 15 it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small.

 In-person GISEC 2021 to spark industry collaboration against cybercrime spike

GISEC, the most influential cybersecurity event in the Middle East and Africa, will provide an in-person meeting point for the cybersecurity ecosystem from 31st May-2nd June at Dubai World Trade Centre (DWTC). 13.04.2021 | Source: Dubai World Trade Centre

 Federally chartered banks can facilitate stablecoin payments, issue their own

The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions. 04.01.2021 | Source: Office of the Comptroller of the Currency

 📰 News Archive

2007-2021 © BanksDaily.com Banking and Finance