UnipolSai, the insurance company of the Unipol Group, has acquired an additional stake in regional Italian lender Popolare di Sondrio.
The insurer purchased 18,207,598 ordinary shares of the bank for €4.15 per share through a reverse accelerated bookbuilding (RABB) procedure. The procedure was addressed exclusively to qualified investors and foreign institutional investors.
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According to a UnipolSai statement, the €75.6m purchase represents around 4% of the share capital of Popolare di Sondrio.
It also added that the company will disclose any further changes in share purchases arising due to adjustments or rounding.
Equita SIM was the authorised intermediary and sole bookrunner of the transaction. The deal is expected to settle on 28 May 2021.
UnipolSai already owned around 2.9% of the bank’s share capital. The latest transaction will increase its holding to approximately 6.9% of the share capital of the lender.
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By GlobalDataFounded in 1871, Banca Popolare di Sondrio offers consumer and commercial banking services.
According to the bank’s website, Popolare di Sondrio’s equity came at around €2.3bn.
The bank’s capital is shared between more than 175,000 shareholders, most of whom are customers.
It has around 340 branches and a workforce of 2,700 people.
UnipolSai has a portfolio of more than ten million customers. It has a direct of around €12.2bn, of which €7.9bn comes from Non-Life Business.
It also has one of the largest agency networks in Italy with 2,400 insurance agencies across the country.
