Banca Ifis has agreed on the acquisition of Aigis Banca, placed in compulsory administrative liquidation by the Ministry of Economy and Finance, at the symbolic price of 1 euro. The liquidator of Aigis Banca yesterday signed the final deed of sale with Banca Ifis. The intervention plan was implemented with the support of the Interbank Deposit Protection Fund. The price paid by Banca Ifis, on a symbolic basis, together with the intervention of the Interbank Deposit Protection Fund, for a total of 48.8 million, and under the terms of the contract guarantee the absence of material impacts on capital ratios (Cet1), of asset quality and the bank’s income statement.
Customers and depositors do not suffer any consequences from this step: the bank’s offices, branches and telematic channels operate regularly; all banking operations can be carried out and are uninterrupted. “The intervention of Banca Ifis makes it possible to avoid the serious social and economic consequences caused by the situation that has arisen in Aigis Banca, as a consequence of the latter’s exposure to Greensill Bank AG, in insolvency proceedings from March 2021. L ‘intervention by Banca Ifis will take place protecting the savings of retail customers, guaranteeing the continuity of loans to businesses and safeguarding the employment of the people who work there “, assured the CEO of Banca Ifis, Frederik Geertman, explaining that Aigis Banca is focused on credit to small and medium-sized enterprises and collects through remunerated current accounts and deposit accounts. “The similarity with Banca Ifis’ activities will allow us to effectively manage the integration process”, added the CEO.
More specifically, the scope of acquisition by Banca Ifis mainly regards loans to small and medium-sized enterprises for medium / long-term loans backed by MCC guarantees and factoring (€ 298 million), government and CDP bonds (135 million euros), deposits, including those of retail customers (440 million euros), as well as the related staff present at the Milan, Rome and Bari offices. in insolvency, the tax assets, the subordinated bond loan issued by Aigis Banca and some other legal relationships considered not functional to the transaction.
In practice, the assets included in the business unit subject to acquisition are equal to approximately 5% of the total assets of the Banca Ifis group as at 31 March 2021, for corresponding risk-weighted assets (Rwa) equal to approximately € 100 million. . “Considering the complementarity of Aigis Banca’s activities with those of Banca Ifis and its lean structure, given the absence of branches, we believe that the strategic logic behind the acquisition is the possibility of slightly increasing the scale of the bank, without costs significant “, commented Intesa Sanpaolo this morning. “Considering the irrelevant impact of the transaction on the capital ratios and on the income statement of Banca Ifis, we do not expect any impact on the stock on which we maintain an add rating and a target price of 14.7 euros”, envisaged Intesa Sanpaolo. For Banca Akros “the acquisition is irrelevant for the group. We have a neutral rating with a target price of 13.5 euros” on the Banca Ifis stock which currently loses 1% to 12.87 euros on the stock exchange. (All rights reserved)

Previous articleHow to clean floors: the ultimate guide
Next articleWhat is a no-fly zone