Friday, April 19, 2024

Vogon Today

Selected News from the Galaxy

StartMag

Here is the new Bancomat plan with FSI (and with the American Discover)

9 months ago babelfish

Here is the new Bancomat plan with FSI (and with the American Discover)

Fsi enters Bancomat capital: contract signed. In FSI there is also the Ion group with a holding company in Luxembourg of the Italian Pignataro. New Bancomat industrial plan (new with the American Discover Financial Services). Facts and insights

How will Bancomat's shareholders change with the entry of the FSI fund? And what role will the Luxembourg-based Ion group that has become a new shareholder of FSI have? And what are Bancomat's development plans with the arrival of FSI?

These are some of the questions that industry insiders and analysts are asking after the agreement announced today ( which Start Magazine wrote about a few days ago).

Here are all the details and insights.

AGREEMENT BETWEEN FSI AND BANCOMAT, ALL DETAILS

Fsi enters the share capital of Bancomat. The agreement between FSI and Intesa Sanpaolo, Iccrea Banca, Banco Bpm, Bper and Bancomat, announced in recent months, has started, which provides for an investment by FSI in Bancomat of up to 100 million, through a reserved capital increase, against a stake of qualified minority in the company's capital.

FSI WILL BE THE FIRST SHAREHOLDER OF BANCOMAT

Upon completion of the investment, explains a press release, FSI will be the relative majority shareholder alongside the current shareholder banks. But so far there is still no trace from a chamber of commerce registration or from the ATM balance sheet at the end of December 2022 of the FSI.

THE FUTURE OF PARTNERSHIP

In addition to the subscribing banks, the partnership is also open to membership by other current and future customers of Bancomat (a company led by the CEO, Alessandro Zollo, in the photo) who will therefore be able to participate in the governance and creation of value of the company.

THE COMPANY PRESS RELEASE

“The Contract – reads the press release – provides for the adoption of a streamlined, service- and customer-oriented corporate model. With approximately 32 million authorized cards in circulation and 2.8 billion transactions managed per year, Bancomat is the main payment and withdrawal circuit in Italy and the third domestic circuit by number of cards managed in Europe. The industrial project shared between the parties aims to support Bancomat in strengthening its role as a key payment infrastructure in the country, also thanks to the contribution and consolidated European expertise of Nexi as a strategic partner for the creation and development of the Application Center of the Circuit".

THE CONSULTANTS OF THE OPERATION

Bancomat and the Subscriber Banks were assisted by Mediobanca-Banca di Credito Finanziario SpA, the Gattai, Minoli, Partners law firm, Join Business Management Consulting, PwC Strategy& and Prof. Avv. Salvatore Maccarone. Fsi was assisted by WePartner, Pedersoli law firm, KPMG, Studio Biscozzi Nobili Piazza and CMC Labs.

HERE IS THE NEW BANCOMAT 2023-2027 INDUSTRIAL AND FINANCIAL PLAN

There was an update of the Industrial and Financial Plan for the 2023-2027 horizon. Specifically, the updated Industrial and Financial Plan confirms the strategic objectives of the previous Plan, i.e. continue the process of enhancing the offer by focusing on 5 business-tech solutions :

  • contactless to recover the market share against the main competitors ;
  • digital payments to keep pace with market developments;
  • e-commerce to attack a new market target with large volumes and high growth potential;
  • significant technological assets , which aim to increase the offer of services to Customers, guaranteeing the Members themselves simplicity and cost-effectiveness in the management and provision of traditional and digital payment and withdrawal services;
  • continuous promotion and communication initiatives to support Members aimed at increasing awareness and use of the range of services in the portfolio, also with lead generation campaigns.

In detail, the Plan provides:

  • the update of the prospective trends of the BANCOMAT, PagoBANCOMAT and BANCOMAT Pay services, based on the trends observed during the year and the 2023-2027 market forecasts which see an ever greater propensity for the adoption of digital tools by consumers ;
  • the update of the go live methods and times of the new BANCOMAT SpA HUB Platform;
  • the introduction of the Discover business line, as a result of the partnership entered into with Discover Financial Services LLC, with the aim of allowing the acceptance of Discover cards belonging to foreign cardholders at POS and ATMs in Italy.

ION DI PIGNATARO LANDS ALSO IN FSI OF TAMAGNINI

From a chamber of commerce certificate of FSI, the presence of Ion Capital Partners catches the eye. As per the deed filed last May, the group of the Bolognese financier Andrea Pignataro , which has been operating in the London headquarters at 10 Queen Street for years, has also become a shareholder in the fund led by Maurizio Tamagnini. Established in February 2016 for the collective management of savings through the promotion, organization and management of mutual funds reserved for professional investors specialized in private equity, Fsi has been ringing together a series of operations in Italy for months which place it at the center of maneuvers in the sector of payment systems, fintech and corporate and financial information. And among its shareholders, now, also a group founded by an Italian with leading companies in the galaxy with offices in England, Ireland and Luxembourg.

WHO ARE THE SHAREHOLDERS OF FSI

According to what emerges from the latest financial statements filed by FSI, and relating to 2022, 90.1% of the fund is in the hands of Magenta 71 srl, a company based in Ireland controlled by the company's managers, and 9.9% in those by Ion Capital Partners. Last year was a particularly intense period for the shareholding structure of FSI: on 20 July 2022, through the buyback of treasury shares, Magenta 71 acquired 39% from Cdp Equity and 9.9% held by Poste Vita. On 10 November of the same year, the FSI shareholders' meeting annulled and canceled all treasury shares without reducing the capital.

ION'S ENTRY INTO FSI

A few days later, i.e. the 21 November, Ion acquired 9.9% of FSI's capital from Magenta 71. “Following these transactions – reads the financial statements – the company has further strengthened its position in the market as an independent manager, having consolidated its role in the private equity sector in Italy”.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-il-nuovo-piano-di-bancomat-con-fsi-e-con-lamericana-discover/ on Mon, 07 Aug 2023 08:01:44 +0000.