Italian retail lender Intesa Sanpaolo has received the go-ahead from its board to acquire certain assets and liabilities of struggling local lenders Banca Popolare di Vicenza and Veneto Banca.

The board gave approval on the condition that the deal does not adversely affect the bank’s core capital ratio and dividend payout policy.

“The potential transaction, therefore, rules out any capital increase for Intesa Sanpaolo,” the Italian lender said.

However, Intesa will not acquire the two lenders’ bad loans, high-risk loans, and subordinated bonds issued as part of the acquisition. The transaction will not involve any capital hike for Intesa.

“The transaction is subject to the unconditional approval of any competent Authority, including with reference to the related legislative and regulatory framework. The transfer of the assets and liabilities, if finalised, will be against a token payment,” Intesa said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.