CREDIT AGRICOLE SA : Acquisition of three Italian savings banks completed
21 Décembre 2017 - 6:30PM
Montrouge, 21 December 2017 |
Acquisition of
three Italian savings banks completed
Crédit Agricole S.A. and its
subsidiary, Crédit Agricole Cariparma SpA, have announced that as
all preconditions have been met for the acquisition of a 95.3%
stake in the equity of each of three savings banks in Cesena (Cassa
di Risparmio di Cesena SpA), Rimini (Cassa di Risparmio di Rimini
SpA) and San Miniato (Cassa di Risparmio di San Miniato SpA) from
the "Schema Volontario" section of Italy's Interbank Deposit
Insurance Fund (the "Schema Volontario"), the transaction was
completed today.
Prior to the completion of the
transaction, the Schema Volontario increased the capital of the
target banks to bring their fully-loaded CET1 ratios into
compliance with Crédit Agricole Group criteria. A portfolio of
non-performing loans, totalling around 3 billion euros gross, has
been securitised with the help of the Italian Recovery Fund
(Atlante II) or sold to private investors and deconsolidated from
the balance sheets of the three banks. The consideration paid by
Crédit Agricole Cariparma to the Schema Volontario for
the acquisition of a 95.3% stake in the capital of each of the
three target banks totals 130 million euros.
The transaction was completed by
the deadline initially set thanks to the full and wholehearted
cooperation of all the parties involved, in particular the
competent authorities, notably in Italy.
Crédit Agricole S.A. and
Crédit Agricole Cariparma SpA are happy to have been
given the opportunity to help shore up the Italian banking system
and to implement the turnaround in the activity of all three banks
at the service of their territories, clients and employees.
In accordance with the
announcement made in April 2017 on the opening of the negotiations,
the impact of this transaction on the fully-loaded CET1 ratios of
Crédit Agricole S.A. and Crédit Agricole Group will be
approximately 10bp.
CRÉDIT
AGRICOLE PRESS CONTACTS
Charlotte de
Chavagnac + 33 1 57
72 11
17
charlotte.dechavagnac@credit-agricole-sa.fr
Alexandre
Barat
+ 33 1 43 23 07
31
alexandre.barat@credit-agricole-sa.fr
Find our press releases on:
www.credit-agricole.com - www.creditagricole.info
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Source: CREDIT AGRICOLE SA via Globenewswire
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