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June 22, 2017

Intesa Sanpaolo secures board approval to buy good assets of Veneto banks

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.

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