This is how Ubi Banca will be unpacked between Intesa and Bper. The confidential letter
Scoop: Start unveils the letter with which Intesa Sanpaolo and Bper inform ABI of the start of the procedures for the sale of the Intesa Sanpaolo and Ubi business units to Banca Popolare dell'Emilia Romagna
Senders: Bper and Intesa Sanpaolo. Recipients: the Italian Banking Association ( ABI ) and trade unions
It is the letter with which the two banking groups give notice of the start of the procedures for the sale of the business branches of Ca 'de Sass and Ubi Banca to the popular Bper, necessary to respond to the antitrust doubts raised by the Competition Authority and of the Market on the public purchase and exchange offer launched by Intesa on Ubi.
It should be remembered that only a few weeks ago Bper concluded the capital increase of around 795 million to finance the purchase and that last Thursday the boards of directors of Intesa Sanpaolo, Ubi Banca and Ubi Servizi and Bper kicked off to the agreement to carry out the operation.
THE POINTS OF THE AGREEMENT
Here is what the understanding between the three groups is about. Ubi will sell 587 branches, of which 455 with accounting autonomy and 132 without accounting autonomy, including existing employment relationships involving 4,413 employees. To these must be added another 235 resources who "look after the relationship with the different types of customers rooted in the operating points" subject to the sale. Intesa Sanpaolo, on the other hand, will sell 31 retail branches, 2 branches without accounting autonomy, 6 Exclusive branches, 16 branches. Another 314 employees of Ubi Banca and 85 of Ubi Sistemi e Servizi, who currently deal with activities managed in the Macro Territorial Areas and who work in some head office structures, are also affected by the transition.
WHY IT WILL BE A SUCCESS (ACCORDING TO THE PROTAGONISTS)
If it is clear that the sale is essential to have the approval of the Guarantor of the market, the parties in question – that is Bper and Intesa Sanpaolo – also note the importance for their business and for their customers. The group led by Carlo Messina, for example, thus "benefits from a European-scale revenue capacity based on a resilient business model focused on Wealth Management & Protection" but remaining well rooted in Italy and consequently enhancing the savings of the Country and "exceeding € 1,100 billion of customer financial assets with the approximately 3 million Ubi Banca customers who hold approximately € 200 billion of financial assets".
Good prospects also emerge for the group led by Alessandro Vandelli which is preparing for "a consistent growth in size" and an "improvement in its competitive position in Italy" by increasing the customer base by over 50% and reaching "significant market shares in regions of great economic importance "such as Lombardy where Bper currently has a" limited presence ". And here are the numbers: the popular one is aiming for an increase in the credit portfolio of around 50% and in total assets by around 40%; an improvement in the pro-forma gross NPE ratio of one hundred percent compared to 30 June last; an increase in the pro-forma consolidated Fully Phased CET 1 ratio of more than 12.5% starting from the date of completion of the acquisition of the business unit.
WHAT WILL HAPPEN TO WORKERS
Nothing changes for the employees involved in the transaction: from February 2021 for the branch sold by Ubi and Ubi Sistemi e Servizi and from June 2021 for the branch sold by Intesa, employment relationships will continue without interruption.
News instead for Bper which will set up four new regional offices in Bergamo, Brescia, Varese and Ancona called to oversee the branches acquired and those already existing in the areas.
THE REASSETTING
In this way, the new geography of Italian credit is redefined, which redraws its balance of power especially in Lombardy, where Ubi's presence has always been particularly significant: here 216 branches and 59 operating points will pass to Bper, of which 93 only in the Brescia – including the historical site of Corso Martiri, where the president emeritus of Intesa Giovanni Bazoli began his career – which add up to 77 in the Bergamo area, Corriere della Sera wrote: "Even Ca 'de Sass has his: 31 branches and two operating points all in Lombardy, of which 22 in the province of Pavia, 7 in the Bergamo area, one in the Lodi area and three in the Milanese area ".
THE NUMBERS
In addition to the properties, the employees will also pass through Intesa to Bper: 5,107 to be exact, mainly referable to the branch network, to the Private & Corporate areas and to the control and IT centers, such as Ubi Sistemi e Servizi. To carry out the acquisition that will allow the institute led by Alessandro Vandelli to see its current distribution network increase by over 40%, making it the third largest Italian banking group, Bper has just completed a capital increase of 800 million euros.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-come-ubi-banca-sara-spacchettata-fra-intesa-sanpaolo-e-bper/ on Sat, 14 Nov 2020 08:44:16 +0000.