MILAN - a positive Trend for Ubi Banca in Piazza Affari (follow live) after the bid / offer submitted for 3 of the 4 banks rehabilitated (Brands, Etruria and Carichieti) after the resolution is established at the end of 2015. A proposal that expires on the 18th of January next, and that the day before (Tuesday 17) should be evaluated by the steering committee of the bank of Italy. The floor of the bank headed by Victor Massiah requires an outlay of 1 euro and the sale of the sale of 2.2 billion of non-performing loans, and 0.5 billion of the suffering likely to be part of the three institutes. For the operation, Ubi will make a capital increase of 400 million on which it has already signed a guarantee agreement with Credit Suisse and Morgan Stanley. The responsibility of the banking system remains in the hands of therefore, the the world, if you consideramp 4 billion injected at the time of the resolution (between the contributions of the resolution Fund and the bridge loan, from 1.6 billion to some banks), which at this point may, in part, to return only through the sale of receivables the bad guys who were at the time separated from the banks, via resolution, an entity called the Rev. to add to the account there is also the request of Ubi to recapitalize again for the three banks, prior to the passage of the hand, for further cleaning of the financial sta tements. Returning to the floor of Ubi, in fact, the three banks will be presented on an aggregate basis an accounting net equity of at least 1,010 million, with coverage at least equal to the 28,28% of the failures likely to gross at least 60% of the suffering. Are provided for restructuring costs of 130 million and a provision on ‘fair value’ of the contracts related to real estate transactions of a maximum of 100 million. You must have the capital benchmark, the Cet1 ratio weighted average not lower than 9.1%. The national Fund of the resolution, according to the offer, you must commit to do before closing a recapitalization for 450 million of the three banks. With the operation of Ubi is already in the 2017 CET1 regime ‘fully loaded’ of the combined entity of more than 11%, consistent with the current level. Among the features in favour of Ubi, also the possibility to exploit 600 million of tax credits. Ubi-esteem through the acquisition to have an increase of more than 1% of the overall market share (both in terms of loans to enterprises and households – net of suffering – both in terms of direct deposits), corresponding to an additional share of 20% compared to the current one. The institute will consolidate the presence in the geographical areas in which it is not present, or only partially. At September 30 is approximately 900 thousand customers, 14.2 billion of loans to gross – fattorizzando also the transfer of non-performing loans before closing -, with a direct collection of 7.5 billion. The synergies on the operating expenses estimated are in the order of 100 million in terms of net profit, with a positive impact on the profitability of the ordinary Ubi and a return of 25% on the share capital increase of 400 million. analysts of the Icbpi say that the “financial terms of the overall transaction are in line with the rumors leaked in recent weeks, and consistent with the constraints of financial discipline that UBI has set in to M&A for the purposes of safeguarding the interests of the shareholders. The risks of” do everything “appear relatively low, taking into account of the sale of NPL, the levels of coverage and the additional provisions provided for in the contract of sale”. Stay out from the operation CariFerrara, for which the bride-to-be is Bper.
- Topics:
- banks
- Ubi
- ubi
- Italian banks
- banca etruria
- Starring:
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