Intesa Sanpaolo: buys two struggling Italian banks' assets.
(CercleFinance.com) - Intesa Sanpaolo has signed a contract with the liquidators of Banca Popolare di Vicenza and Veneto Banca for the acquisition of certain assets and liabilities of these two banks, for a symbolic price of one euro.
The scope of the acquisition includes high-risk performing loans of around 4 billion euros, although Intesa will benefit from a public cash contribution of 1.5 billion euros to cover the impact on the capital ratios, from an additional public cash contribution of 1.285 billion euros and from public guarantees equal to 1.5 billion euros in order to offset risks, obligations and claims.
The Italian bank notes that its intervention will safeguard the jobs at the banks involved, along with the savings of around two million households.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The scope of the acquisition includes high-risk performing loans of around 4 billion euros, although Intesa will benefit from a public cash contribution of 1.5 billion euros to cover the impact on the capital ratios, from an additional public cash contribution of 1.285 billion euros and from public guarantees equal to 1.5 billion euros in order to offset risks, obligations and claims.
The Italian bank notes that its intervention will safeguard the jobs at the banks involved, along with the savings of around two million households.
Copyright (c) 2017 CercleFinance.com. All rights reserved.