CREDIT AGRICOLE SA: CRÉDIT AGRICOLE ITALIA LAUNCHES A CASH
VOLUNTARY PUBLIC TENDER OFFER FOR ALL SHARES OF CREDITO
VALTELLINESE
Montrouge, 23 November 2020
CRÉDIT AGRICOLE ITALIA LAUNCHES A CASH
VOLUNTARY PUBLIC TENDER OFFER FOR ALL SHARES OF CREDITO
VALTELLINESE BY ACQUIRING CREDITO VALTELLINESE,
CRÉDIT AGRICOLE ITALIA CONTINUES TO BUILD A LEADING BANKING GROUP
IN ITALY, SERVING 3 MILLION CLIENTS AND ITS LOCAL
COMMUNITIES
Crédit Agricole Italia S.p.A. (“Crédit Agricole
Italia”), a 75.6%-owned subsidiary of Crédit Agricole S.A.
(“CASA”), today launched a voluntary public tender offer entirely
in cash (the “Offer”) for all ordinary shares of Credito
Valtellinese S.p.A. (“Credito Valtellinese”), as announced by the
communication issued today pursuant to Article 102 of Legislative
Decree 24 February 1998, no. 58 and Article 37 of CONSOB Regulation
no. 11971 of 14 May 1999.
This transaction is notably characterized
by:
- The consolidation of a robust and profitable banking group
benefitting from a strengthened local footprint:
- Combining Credit Agricole Italia and Credito Valtellinese will
consolidate the group’s position as #6 retail bank in Italy,
committed to best serve its 3 million clients, leveraging on a
shared culture of continued support to local communities;
- Combining two well-performing and robust banks;
- A significant value creation, benefitting all stakeholders:
- For Credito Valtellinese’s clients: an even stronger banking
group, with an attractive and comprehensive range of financial
solutions, benefitting from the entire European-leading
bancassurance offering of Crédit Agricole Group already present in
Italy;
- For Credito Valtellinese’s people: a leading financial group
and an employer of choice;
- For Crédit Agricole Italia’s shareholders: an expected Return
on Investment above 10% by year 3;
- A proven track-record of successful integrations by Credit
Agricole Italia:
- Two groups already partners in bancassurance, a distribution
network well-known by Crédit Agricole and fitting very well with
Crédit Agricole Italia business model;
- A sustainable growth strategy of Credit Agricole Italia having
proved its ability to successfully integrate other banks, as
demonstrated by its previous acquisitions in Italy;
- An attractive price for Credito Valtellinese shareholders:
all-cash voluntary tender offer by Crédit Agricole Italia on
Credito Valtellinese at €10.50 per share, representing a 53.9%
premium to Credito Valtellinese’s 6M VWAP1 and a 21.4 % premium to
Credito Valtellinese latest official price calculated as of
November 20, 20201.
Ariberto Fassati,President
of Crédit Agricole Italia
"Credito Valtellinese shares with us many of the
fundamental values that represent the raison d'être of Crédit
Agricole Italia: the rootedness to the territory, the attention to
local communities and to the social and entrepreneurial networks,
the enrichment of people and the sustainability of the business
model. With this integration we are confident that we can create
added value for all stakeholders.”
Giampiero Maioli,Chief Executive
Officer of Crédit Agricole Italia and Head of Crédit Agricole S.A.
Group for Italy
“With this transaction, Credito Valtellinese’s
customers and employees will gain access to the same first-class
financial products and services as Crédit Agricole Italia,
benefitting from Crédit Agricole Group’s scale, strength,
innovative and client-centric culture, and the combined group will
continue its strong commitment to supporting Italy and the local
communities”
Italy is Crédit Agricole’s second
domestic market
Crédit Agricole Group has a longstanding
presence in Italy and as of today serves 4.5 million customers in
the country, through more than 1,000 branches (mainly Crédit
Agricole Italia, Crédit Agricole FriulAdria and Agos branches),
with the support of 14,000 employees locally, providing 15% of
Crédit Agricole S.A. total net income group share2, which makes
Italy the second domestic market for Crédit Agricole Group.
Crédit Agricole in Italy is characterized
by:
- An attractive and fully-fledged customer-focused universal
banking model successfully developed over the years:
- A robust and profitable retail bank through Crédit Agricole
Italia (since 2007, formerly Gruppo Bancario Cariparma), serving
2.1m clients, managing €503 billion of loans to customers, €72
billion of customer savings4, and generating €1.9 billion
revenues5;
- Specialized Financial Services (Agos, FCA Bank, Crédit Agricole
Leasing);
- Asset Gathering (Amundi, Crédit Agricole Assurances, Indosuez,
etc.);
- Large Customers (CACIB and CACEIS);
- Strong partnerships with Italian financial institutions, such
as UniCredit in asset management, Banco BPM in consumer finance and
Credito Valtellinese in life insurance;
- A solid track-record of sustainable growth across all the
business lines of Crédit Agricole Group. In particular, the
acquisitions of Cassa di Risparmio della Spezia in 2010 and, more
recently, of Cassa di Risparmio di Rimini, Cassa di Risparmio di
Cesena and Cassa di Risparmio di San Miniato, demonstrate Crédit
Agricole Italia’s ability to complete complex transactions and the
strength of its business model based on the proximity to the
territory;
- A consistent support to local employment and economic dynamism
with €78 billion of loans as of 30 September 2020, having hired
more than 1,250 employees in Italy since the beginning of
2018;
- Focus on communities and territories thanks to shareholders
Foundations, such as Fondazione Cariparma, Fondazione Carispezia,
Fondazione di Piacenza e Vigevano, Fondazione CR di San Miniato and
Fondazione CR e Banca del Monte di Lugo, and to the other
Foundations that collaborate with Crédit Agricole Italia in its
social activities in the territories, such as Fondazione CR di
Rimini, Fondazione CR di Cesena and Fondazione Banca del Monte e CR
di Faenza.
Therefore, Crédit Agricole in Italy is
consistently one of the most successful and profitable banking
groups, being the #76 largest commercial bank network, the #17
player in consumer finance, the #38 largest asset manager, and the
#69 largest player in life bancassurance.
Continue building a leading banking
group in Italy, serving 3 million clients and its local
communities
As of September 202010, Credito Valtellinese has
total assets on balance sheet of €24 billion (#11 retail bank), of
which €16 billion loans to customers11, and €10 billion of customer
savings12 (#12 retail bank), and it posted €0.6 billion of revenues
in the 2019 full-year result. Credito Valtellinese serves ~0.7
million clients13 through a network of 355 branches (#12 commercial
bank network, 1.5% market share at national level) and 3,539
employees.
Crédit Agricole and Credito Valtellinese already
enjoy a strong partnership, Crédit Agricole Vita, the Italian life
insurance subsidiary of the Group being Credito Valtellinese’s
exclusive partner in life insurance and its holding company, Crédit
Agricole Assurances, being one of the main shareholders of Credito
Valtellinese with a 9.8% stake. Therefore, the acquisition of
Credito Valtellinese is an extension of Crédit Agricole strategic
partnership with Credito Valtellinese, supported by a strong
business and cultural fit between the two groups. This transaction
is line with Crédit Agricole Italia’s sustainable growth strategy,
and will leverage Crédit Agricole Italia’s proved ability to
successfully integrate other banks, as demonstrated by its previous
acquisitions in Italy.
The acquisition of Credito Valtellinese by
Crédit Agricole Italia will lead to the creation of a more robust
Italian Banking Group benefiting from the financial strength and
support, the expertise and product suite of one of the largest and
most reputable European banking groups, with significant positive
impacts on the economic situation of the relevant territories and
in the interests of all the stakeholders.
Solid industrial project
With the acquisition of Credito Valtellinese,
Crédit Agricole Italia aims to consolidate its competitive
positioning as the #6 retail bank in the Italian market by AuM +
AuC, and become #7 by total assets and by number of clients,
achieving a c.5% combined market share at national level (based on
number of branches):
- Presence in the most productive areas of Italy, especially in
Lombardy;
- More than 1,200 branches and 2.8 million clients, with a direct
access to European-leading offering of Crédit Agricole Group;
- Enhanced operational efficiency through cost synergies;
- Strong asset quality, which will further improve post merger
(9M 2020 combined non-performing exposure (“NPE”) ratio pro-forma
at 6.6%, with NPE coverage at 54%14, with the intention of Crédit
Agricole Italia to actively purse de-risking of the combined
entity);
- Financial strength, further increased by the support of the
Crédit Agricole Group, and demonstrated by high solvency15 and
strong credit ratings16.
The acquisition of Credito Valtellinese
represents an ideal growth opportunity for Crédit Agricole Italia,
in particular in terms of geographic coverage:
- Adding critical mass in areas which are complementary and close
to the geographies it already serves, and improving local client
coverage;
- Significant strengthening of its presence in Northern Italy
(representing ~70% of pro-forma branches);
- Doubling up of market share in Lombardy (from 3% to more than
6%), where more than 40% of Credito Valtellinese branches are
located, becoming the 7th retail bank in the region, which
represents a significant improvement into the largest and
wealthiest Region in Italy and in particular in Milan;
- Increase in scale in Piedmont, Marche, Lazio and enter new
Regions including the most dynamic metropolitan areas of Sicily, as
well as Valle d’Aosta and Trentino.
Positive for all stakeholders of Credito
Valtellinese
Credito Valtellinese’s clients will gain access
to an attractive and comprehensive range of financial solutions,
benefitting from the entire European-leading bancassurance offering
of Crédit Agricole Group already present in Italy.
At the same time, Credito Valtellinese’s
employees join a leading financial group and an employer of choice
in Italy.
The combined group will continue its strong
commitment to supporting the Italian economy and the local
communities, through proximity to the territory.
Significant value creation for Crédit
Agricole
Crédit Agricole Italia expects to generate a
Return on Investment estimated above 10% by year 3, solely
including cost and funding synergies:
- Immediate value creation through economies of scale and funding
synergies: cost synergies and economies of scale are expected, and
will allow for further investments in digitalization, while lower
funding cost will be achieved through optimized asset &
liability management and supported by Crédit Agricole S.A. strong
credit ratings;
- Long term value creation from increased product offering:
revenue synergies, mainly deriving from an increased productivity
within Credito Valtellinese’s commercial networks, the
implementation of Crédit Agricole Italia’s distribution know-how,
the enhancement of Credito Valtellinese’s commission-related
profitability and the progressive deployment of Crédit Agricole
European-leading product suite over the medium-term;
- Minimum integration risk thanks to Crédit Agricole Italia’s
proven track-record of successful integrations and experience in
previous comparable transactions.
Crédit Agricole will continue deploying the
“Raison d’être” of the Group:
- Excellence in customer relations, by investing in relational
and operational excellence, focusing all its businesses on customer
satisfaction and enhancing specialization of the Corporate segment
on high value products and services;
- Empowered teams for customers, by attracting and retaining the
best talents, developing individual empowerment of our people to
ensure the best services to Customers and promoting ethically and
socially responsible behaviours;
- Commitment to society, by fostering the attractiveness and
economic development of local communities, keeping being a
responsible player in the environment protection and sustaining the
Foundations shareholders of Crédit Agricole Italia in their social
activities.
Drawing on its successful experience of past
integrations (in particular with Cassa di Risparmio di Rimini,
Cassa di Risparmio di Cesena and Cassa di Risparmio di San
Miniato), Crédit Agricole Italia is confident in its ability to
smoothly integrate Credito Valtellinese with minimum integration
risk. In the specific case of Credito Valtellinese, Crédit Agricole
Italia intends to achieve efficiency gains on a voluntary basis
only, following a collaborative and inclusive integration process
leveraging on recent experience, and a well-defined governance and
monitoring structure, with a focus on the inclusion of Credito
Valtellinese’s employees.
Transaction structure and
consideration
The Offer consists in a voluntary public cash
tender offer by Crédit Agricole Italia on all the ordinary shares
of Credito Valtellinese.
The Offer price equals to €10.50 for each
Credito Valtellinese’s share. This corresponds to a total
investment of €737mm by Credit Agricole Italia to acquire 100% of
Credito Valtellinese’s shares. The following premiums are implied
with reference to the arithmetic means, weighted for the daily
volumes, of the official prices of Credito Valtellinese’s Shares in
the relevant periods:
- A 21.4% premium to Credito Valtellinese’s spot price as of
November 20, 2020
- A 42.0% premium to the 3M VWAP of Credito Valtellinese as of
November 20, 2020
- A 53.9% premium to the 6M VWAP of Credito Valtellinese as of
November 20, 2020
- A 50.2% premium to the 6M VWAP of Credito Valtellinese as of
February 21, 2020, pre Covid-19 outbreak
Crédit Agricole Italia has already received a
commitment letter from Algebris, for the sale to Crédit Agricole
Italia of a stake in Credito Valtellinese equal to ca. 5.4% of the
share capital, subject to regulatory approval.
In the context of the Offer, Crédit Agricole
Assurances (a subsidiary of Crédit Agricole S.A.) will sell to
Crédit Agricole Italia its stake in Credito Valtellinese, equal to
ca. 9.8% of the share capital.
After the Offer, Crédit Agricole Italia intends
to proceed with the merger by incorporation of Credito Valtellinese
in Crédit Agricole Italia to allow an effective integration of its
activities with those of Credito Valtellinese.
The Offer will be subject to Crédit Agricole
Italia achieving at least a 66.7% of Credito Valtellinese’s voting
share capital, with Crédit Agricole Italia maintaining the
discretion to waive the aforementioned condition provided that at
least 50% of the voting capital of Credito Valtellinese +1 share is
acquired. Other conditions would include – inter alia – antitrust
authorities’ unconditional authorizations and Credito Valtellinese
not adopting any defensive measures (even if authorized at Credito
Valtellinese’s shareholders meeting).
Consistently with the objectives and industrial
rationale of the Offer:
- In the event that, as a result of the Offer, Crédit Agricole
Italia acquires more than 90% of the shares of Credito
Valtellinese, Crédit Agricole Italia will not carry out actions
aimed at restoring the minimum required conditions of free-float to
ensure the ordinary trading of Credito Valtellinese shares and this
will entail the delisting of the Credito Valtellinese’s
shares;
- In any event, following the Offer, Crédit Agricole Italia
intends to take all necessary steps and actions to proceed with the
merger by incorporation of Credito Valtellinese as a mean to foster
the integration between the two banks and maximize value creation
consistently with Crédit Agricole Italia’s strategy implemented in
recent years (which encompassed the merger into Crédit Agricole
Italia of Cassa di Risparmio di Rimini, Cassa di Risparmio di
Cesena and Cassa di Risparmio di San Miniato in 2018 and of Cassa
di Risparmio della Spezia in 2019).
Crédit Agricole Italia will submit the tender
offer document to Consob by the first two weeks of December 2020,
pursuant to Article 102, paragraph 3, of the Italian Consolidated
Financial Act. Within the same term, Crédit Agricole Italia will
submit to the competent regulatory Authorities the communications
and applications for the regulatory authorizations needed.
Following the obtainment of the regulatory authorization, expected
for Q1 2021, the Offer Document will be published following the
approval of the Offer Document by Consob, expected in the month of
March / April 2021. The end of the tender offer period and the
settlement of the offer is expected to occur in May 2021.
A strategic acquisition in line with
Crédit Agricole S.A.’s medium-term ambition
The acquisition of Credito Valtellinese will
strengthen Crédit Agricole competitive positioning in Italy, its
second domestic market, demonstrating our continued and
longstanding commitment in supporting our clients and local
communities in Italy, and to being an employer of choice in the
country.
Crédit Agricole S.A. expects the transaction to
be accretive to its earnings per share by 2022, and to achieve a
Return on Investment above 10% by year 3, based only on costs and
funding synergies. It will also allow for long term value creation
through progressive cross-selling with Crédit Agricole’s business
lines, which is an important pillar of our strategy.
Upon completion of the transaction, the
preliminary estimated negative impact on Crédit Agricole S.A.’s
Common Equity Tier 1 ratio is expected to remain below 20bps.
Drawing on Crédit Agricole Italia’s successful
experience of past integrations in similar transactions in Italy,
Crédit Agricole S.A. is confident in Crédit Agricole Italia’s
ability to smoothly integrate Credito Valtellinese, with minimum
integration risk.
***
In relation to the Offer, Crédit Agricole Italia
is advised by J.P. Morgan Securities plc and Crédit Agricole
Corporate & Investment Bank as financial advisors, and
BonelliErede, as legal advisor.
***
Giampiero Maioli, Head of
Crédit Agricole S.A. Group for Italy, Executive Director of Crédit
Agricole Italia, Jérôme Grivet, Deputy General
Manager, Chief Financial Officer, and Philippe
Brassac, Chief Executive Officer of Crédit Agricole S.A.
will host a conference call in English to present the
transaction on Monday 23rd November at 9:00 (London
time).
Live webcast :
https://edge.media-server.com/mmc/p/4bw9ceqe
CRÉDIT AGRICOLE ITALIA CONSOLIDATED
BALANCE SHEET AS AT 30 SEPTEMBER 2020 – TOTAL ASSETS
Items (€thousands) |
30.09.2020 |
31.12.2019 |
Delta |
10. |
Cash and cash equivalents |
291,458 |
370,059 |
(78,601) |
20. |
Financial assets measured at fair value through profit or
loss (IFRS 7 par. 8 lett. a)) |
151,415 |
125,010 |
26,405 |
|
a) financial assets held for trading; |
90,553 |
97,400 |
(6,847) |
|
b) financial assets designated at fair
value; |
- |
- |
- |
|
c) other financial assets mandatorily measured
at fair value |
60,862 |
27,610 |
33,252 |
30. |
Financial assets measured at fair value through other comprehensive
income (IFRS 7 par. 8 lett. h)) |
3,054,914 |
3,068,244 |
(13,330) |
40. |
Financial assets measured at amortized cost (IFRS 7 par. 8 lett.
f)) |
66,023,110 |
56,343,788 |
9,679,322 |
|
a) loans to banks |
7,583,797 |
4,743,595 |
2,840,202 |
|
b) loans to customers |
58,439,313 |
51,600,193 |
6,839,120 |
50. |
Hedging derivatives |
1,059,286 |
759,816 |
299,470 |
60. |
Fair value change of financial assets in macro-hedge portfolios
(+/-) |
140,506 |
119,729 |
20,777 |
70. |
Equity investments |
20,483 |
20,483 |
- |
80. |
Technical insurance reserves reassured with third parties |
- |
- |
- |
90. |
Property, Plant and Equipment |
960,347 |
1,017,849 |
(57,502) |
100. |
Intangible assets |
1,866,743 |
1,912,606 |
(45,863) |
|
- of which goodwill |
1,575,536 |
1,575,536 |
- |
110. |
Tax assets |
1,411,206 |
1,504,346 |
(93,140) |
|
a) current |
278,571 |
304,325 |
(25,754) |
|
b) deferred |
1,132,635 |
1,200,021 |
(67,386) |
120. |
Non-current assets held for sale and discontinued operations |
5,207 |
- |
5,207 |
130. |
Other assets |
529,754 |
412,429 |
117,325 |
|
Total assets |
75,514,429 |
65,654,359 |
9,860,070 |
CRÉDIT AGRICOLE ITALIA CONSOLIDATED
BALANCE SHEET AS AT 30 SEPTEMBER 2020 – TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY
Items (€thousands) |
30.09.2020 |
31.12.2019 |
Delta |
10. |
Financial liabilities measured at amortized cost (IFRS 7 par. 8
lett. g)) |
65,094,410 |
56,003,022 |
9,091,388 |
|
a)
due to banks |
11,554,925 |
6,105,259 |
5,449,666 |
|
b)
due to customers |
43,125,022 |
40,795,173 |
2,329,849 |
|
c)
debt securities issued |
10,414,463 |
9,102,590 |
1,311,873 |
20. |
Financial liabilities held for trading |
102,738 |
81,980 |
20,758 |
30. |
Financial liabilities designated at fair value (IFRS 7 par. 8 lett.
e)) |
- |
- |
- |
40. |
Hedging derivatives |
616,752 |
509,730 |
107,022 |
50. |
Fair value change of financial liabilities in macro-hedge
portfolios (+/-) |
485,002 |
421,173 |
63,829 |
60. |
Tax liabilities |
211,209 |
275,107 |
(63,898) |
|
a) current |
125,605 |
184,715 |
(59,110) |
|
b) deferred |
85,604 |
90,392 |
(4,788) |
70. |
Liabilities associated with non-current assets held for sale and
discontinued operations |
- |
- |
- |
80. |
Other liabilities |
1,864,220 |
1,316,885 |
547,335 |
90. |
Employee severance benefits |
119,575 |
123,894 |
(4,319) |
100. |
Provisions for risks and charges |
299,495 |
335,516 |
(36,021) |
|
a) financial guarantees and other commitments |
32,858 |
33,656 |
(798) |
|
b) post-employment and similar obligations |
34,601 |
37,325 |
(2,724) |
|
c) other provisions for risks and charges |
232,036 |
264,535 |
(32,499) |
110. |
Technical reserves |
- |
- |
- |
120. |
Valuation reserves |
(60,404) |
(62,199) |
1,795 |
130. |
Redeemable shares |
- |
- |
- |
140. |
Equity instruments |
715,000 |
715,000 |
- |
150. |
Reserves |
1,653,170 |
1,379,853 |
273,317 |
160. |
Share premium reserve |
3,117,848 |
3,117,840 |
8 |
170. |
Capital |
979,235 |
979,233 |
2 |
180. |
Treasury shares (+/-) |
- |
- |
- |
190. |
Minority interests (+/-) |
146,851 |
143,256 |
3,595 |
200. |
Profit (Loss) for the year |
169,328 |
314,069 |
(144,741) |
|
Total liabilities and equity |
75,514,429 |
65,654,359 |
9,860,070 |
CRÉDIT AGRICOLE ITALIA RECLASSIFIED
CONSOLIDATED INCOME STATEMENT AS AT 30 SEPTEMBER 2020
Items (€thousands) |
30.09.2020 |
30.09.2019 |
Delta |
Net interest income |
730,779 |
761,046 |
(30,267) |
Net fee and commission income |
628,704 |
669,540 |
(40,836) |
Dividends |
10,438 |
11,331 |
(893) |
Profit (loss) on trading activities |
9,361 |
4,791 |
4,570 |
Other operating income (expenses) |
10,598 |
5,509 |
5,089 |
Net operating income |
1,389,880 |
1,452,217 |
(62,337) |
Personnel expenses |
(529,657) |
(546,871) |
17,214 |
Administrative expenses |
(239,627) |
(240,072) |
445 |
Amortization of intangible assets anddepreciation of property,
plant and equipment |
(129,579) |
(121,355) |
(8,224) |
Operating expenses |
(898,863) |
(908,298) |
9,435 |
Operating margin |
491,017 |
543,919 |
(52,902) |
Impairments of Godwill |
- |
- |
- |
Net provisioning for risks and charges |
(5,114) |
(7,016) |
1,902 |
Net impairments of loans |
(304,873) |
(181,204) |
(123,669) |
Net Impairment of financial instruments |
(5,477) |
(237) |
(5,240) |
Profit (loss) on other investments |
66,262 |
428 |
65,834 |
Profit (loss) on continuing operations before
taxes |
241,815 |
355,890 |
(114,075) |
Taxes on income from continuing operations |
(66,003) |
(106,770) |
40,767 |
Profit (Loss) after tax from discontinued operations |
- |
- |
- |
Net profit (loss) for the year |
175,812 |
249,120 |
(73,308) |
Net profit (loss) for the year attributable to minority
interests |
(6,484) |
(9,382) |
2,898 |
Net profit (loss) attributable to the Parent
Company |
169,328 |
239,738 |
(70,410) |
CRÉDIT AGRICOLE ITALIA CREDIT QUALITY AS
AT 30 SEPTEMBER 2020
Items (€thousands) |
30.09.2020 |
Gross exposure |
Total adjustments |
Net exposure |
Coverage % |
- Bad loans |
1,907,554 |
1,353,013 |
554,541 |
70.9% |
- Unlikely to Pay |
1,515,094 |
568,911 |
946,183 |
37.5% |
- Past due |
61,091 |
5,345 |
55,746 |
8.7% |
Non-performing loans |
3,483,739 |
1,927,269 |
1,556,470 |
55.3% |
Performing loans - stage 2 |
2,749,974 |
193,199 |
2,556,775 |
7.03% |
Performing loans - stage 1 |
46,183,684 |
86,537 |
46,097,147 |
0.19% |
Performing loans |
48,933,658 |
279,736 |
48,653,922 |
0.57% |
Loans to Customers |
52,417,397 |
2,207,005 |
50,210,392 |
4.21% |
Securities at amortized Cost |
8,238,396 |
9,475 |
8,228,921 |
0.1% |
Total Loans to Customers |
60,655,793 |
2,216,480 |
58,439,313 |
3.7% |
CRÉDIT AGRICOLE ITALIA CAPITAL AS AT 30
SEPTEMBER 2020
Items (€millions) |
30.09.20 |
30.06.20 |
31.03.20 |
31.12.19 |
Delta 09/20 vs 06/20 |
OWN FUNDS |
Common Equity Tier 1 Capital |
3,644 |
3,620 |
3,525 |
3,562 |
24 |
Tier 1 Capital |
4,372 |
4,349 |
4,254 |
4,288 |
23 |
Total Capital |
5,230 |
5,209 |
5,120 |
5,162 |
21 |
PRUDENTIAL SUPERVISORY REQUIREMENTS |
Total Risk-weighted assets |
28,533 |
28,734 |
29,452 |
28,550 |
-201 |
-
of which credit risk |
25,351 |
25,559 |
26,207 |
25,286 |
-208 |
CAPITAL ADEQUACY RATIOS |
Common Equity Tier 1 ratio |
12.77% |
12.60% |
11.97% |
12.48% |
0.17% |
Tier 1 ratio |
15.32% |
15.14% |
14.44% |
15.02% |
0.19% |
Total Capital ratio |
18.33% |
18.13% |
17.38% |
18.08% |
0.20% |
CRÉDIT AGRICOLE ITALIA DIRECT AND
INDIRECT FUNDING AS AT 30 SEPTEMBER 2020
Items (€thousands) |
30.09.2020 |
31.12.2019 |
Delta |
- Deposits |
1,353,455 |
1,687,289 |
(333,834) |
- Current and other accounts |
41,279,350 |
38,635,246 |
2,644,104 |
- Other items |
257,887 |
285,139 |
(27,252) |
- Repurchase agreements |
- |
- |
- |
Due to customers |
42,890,692 |
40,607,674 |
2,283,018 |
Debt securities issued |
10,414,463 |
9,102,590 |
1,311,873 |
Total direct funding |
53,305,155 |
49,710,264 |
3,594,891 |
Indirect funding |
71,926,138 |
71,294,531 |
631,607 |
Total funding |
125,231,293 |
121,004,795 |
4,226,498 |
|
|
|
|
- Asset management products |
16,994,843 |
17,316,598 |
(321,755) |
- Insurance products |
21,068,325 |
20,682,863 |
385,462 |
Total assets under management |
38,063,168 |
37,999,461 |
63,707 |
Assets under administration |
33,862,970 |
33,295,070 |
567,900 |
Indirect funding |
71,926,138 |
71,294,531 |
631,607 |
CRÉDIT AGRICOLE ITALIA RETAIL NETWORK AS
AT 30 SEPTEMBER 2020
Region |
Branches |
|
Region |
Branches |
Campania |
49 |
|
Marche |
8 |
CE |
10 |
|
AN |
4 |
NA |
38 |
|
FM |
1 |
SA |
1 |
|
MC |
1 |
Emilia Romagna |
243 |
|
PU |
2 |
BO |
13 |
|
Piemonte |
50 |
FC |
30 |
|
AL |
10 |
FE |
4 |
|
AT |
1 |
MO |
13 |
|
BI |
1 |
PC |
45 |
|
CN |
1 |
PR |
71 |
|
NO |
5 |
RA |
22 |
|
TO |
30 |
RE |
12 |
|
VB |
1 |
RN |
33 |
|
VC |
1 |
FVG |
81 |
|
Toscana |
100 |
GO |
3 |
|
AR |
5 |
PN |
28 |
|
FI |
36 |
TS |
5 |
|
GR |
1 |
UD |
45 |
|
LI |
7 |
Lazio |
40 |
|
LU |
7 |
FR |
2 |
|
MS |
14 |
LT |
1 |
|
PI |
22 |
RI |
1 |
|
PO |
2 |
RM |
35 |
|
PT |
4 |
VT |
1 |
|
SI |
2 |
Liguria |
59 |
|
Umbria |
8 |
GE |
12 |
|
PG |
8 |
IM |
5 |
|
Veneto |
80 |
SP |
39 |
|
BL |
1 |
SV |
3 |
|
PD |
18 |
Lombardia |
154 |
|
RO |
3 |
BG |
7 |
|
TV |
20 |
BS |
4 |
|
VE |
27 |
CO |
11 |
|
VI |
7 |
CR |
23 |
|
VR |
4 |
LC |
2 |
|
Totale |
872 |
LO |
6 |
|
|
|
MB |
6 |
|
|
|
MI |
44 |
|
|
|
MN |
17 |
|
|
|
PV |
24 |
|
|
|
VA |
10 |
|
|
|
This press release does not constitute
or form any part of an offer to purchase, or solicitation of an
offer to buy, any securities. Any such offer or solicitation will
be made only pursuant to an official offer documentation of the
offeror approved by the appropriate regulators.
Restrictions may apply to the release,
publication or distribution, in whole or in part, directly or
indirectly, of any such offer documentation under the law or
regulations applicable in certain jurisdictions. Recipients of the
offer are solely responsible for complying with such laws and
regulations. The offeror will extend the offer in the United States
of America in reliance on the Tier I exemption set forth in Rule
14d-1(c) under the U.S. Securities Exchange Act of 1934, as
amended, and is not required to comply with Regulation 14E
promulgated thereunder. The offeror and its affiliates have
reserved the right to purchase shares outside of the offer, to the
extent permitted by applicable law.
Profile of Crédit Agricole
Italia
The Crédit Agricole Group, the world's 10th largest bank with
10.5 million members, is present in 47 countries, including Italy,
which is its second domestic market. Here it operates with all the
business lines: from the commercial bank to consumer credit, from
corporate & investment banking to private banking and asset
management, up to the insurance sector and services dedicated to
wealth management. Collaboration between the retail network and
other business lines guarantees extensive and integrated operations
to 4.5 million active customers, through 1,300 branches and 14,000
employees, with a growing support for the economy amounting to over
78 billion euros in financing.The Group is composed of, not only of
the Crédit Agricole Italia Banking Group, but also of the Corporate
and Investment Banking (CACIB), the Specialised Financial Services
(Agos, FCA Bank), Leasing and Factoring (Crédit Agricole Leasing
and Crédit Agricole Eurofactor), Asset Management and Asset
Services (Amundi, CACEIS), Insurances (Crédit Agricole Vita, Crédit
Agricole Assicurazioni, Crédit Agricole Creditor Insurance) and
Wealth Management (CA Indosuez Wealth Italy and CA Indosuez
Fiduciaria).
www.credit-agricole.it
CRÉDIT AGRICOLE S.A. PRESS
CONTACT
Charlotte de
Chavagnac
+ 33 1 57 72 11
17
charlotte.dechavagnac@credit-agricole-sa.frOlivier
Tassain
+ 33 1 43 23 25
41
olivier.tassain@credit-agricole-sa.fr
Find our press release on: www.credit-agricole.com -
www.creditagricole.info
|
Crédit_Agricole |
|
Groupe Crédit Agricole |
|
créditagricole_sa |
External Relations AreaCrédit Agricole ItaliaTel. 0521.21.2826 /
2846 / 2801Elisabetta Usuelli –
elisabetta.usuelli@credit-agricole.itVincenzo
Calabria – vincenzo.calabria@credit-agricole.it
Investor Relations: Crédit Agricole ItaliaGiuseppe
Ammannato - Giuseppe.Ammannato@credit-agricole.it
1 Source: Factset, official prices as of 20 November 2020
2 9 months 2020, Net income Group share
3 As of September 2020, net figures excluding securities, for
reference contribution to Crédit Agricole S.A. total loans stands
at €46 billion
4 Asset under management and asset under custody
5 Full year 2019
6By # of branches;
7 Internal data, AGOS and FCA source ASSOFIN;
8 Source: Assogestioni;
9 Source: IAMA consulting;
10 Retail bank rankings based on publicly available data and
internal estimate for a selected sample of Italian retail banks
11 Loans excluding government bonds and loans and receivables
with customers classified under non-current assets held for
sale
12 Asset under management and asset under custody
13 Longstanding relationships with Retail and SME clients, as
per Credito Valtellinese Business Plan 2019-2023 of June 18,
2019
14 Coverage including provisioning on performing loans at 63%,
55% and 62% in Q3 2020 for Crédit Agricole Italia, Credito
Valtellinese, and Crédit Agricole Italia PF, respectively
15 Crédit Agricole Group standing at 16.7% in September 2020,
and Crédit Agricole Italia at 12.8%, Credito Valtellinese being at
17.2%
16 LT counterparty risk, Crédit Agricole S.A. being rated AA-
for S&P, Aa2 by Moody’s and AA- by Fitch, Crédit Agricole
Italia being rated Baa1 by Moody’s, Credito Valtellinese being
rated Ba2 by Moody’s. All ratings based on counterparty rating
- 2020 11 23 - Project Giulia - Press Release vFINAL- ENG
CASA