A euro at the expense of Ubi (and Bper), over 4 billion to the load of the banking system. Net of ancillary charges (read Atlas), of the shares and the bonds canceled or refunded. With all probability this will be the final account of the rescue of Banca Marche, a Popular, Etruria, CariChieti, and CariFerrara. An account very high price, but for less "final", that is intended to permanently close the match: yesterday evening, in fact, the boards of Ubi have approved a binding offer to Brands, Etruria, and Chieti, which was announced this morning; the offer is valid until 18 January, and the closing of the transaction is expected within the first quarter. In the next few weeks Bper should do the same for Ferrara.
An operation that is long and painful: in-game from September, the bank led by Victor Massiah, and chaired by Andrea Moltrasio, he never wanted to consider the perspective of the saving and therefore the first to put black on white their interest has demanded that the banks be called definitively in order. At the expense of Atlas, that with 200 million will enable the securitisation of 2.2 billion of non-performing loans at a price close to 30% of the nominal value, and of the resolution Fund, with about half a billion will cover the badwill and will sterilize the litigation.
With three good banks also Ubi becomes large
700 million, however, must be added to 2,350 billion already paid by the resolution Fund in 2015 and to 1.6 billion bridge loan that will be refunded is the account of the saving salt well in addition to the 4 billion, which can be partly balanced by the gains that the Rev could account for in the next few months with the sale of the 9 billion suffering received from four banks.
going Back to Ubi, according to Il Sole 24 Ore, will spend a euro, that is, a symbolic price, in order to detect the three banks. From which, however, will receive a dowry of more than 600 million of tax credits, spreads in five different exercises. It is not a dowry by little; for the former popular this is a post which will impact on the last line of the coming budgets, and that is the confirmation today, without a incetivo economic, no one is willing to buy asset of traditional banking: it had happened a year ago, with 240 million transferred from Barclays to the CheBanca! along with its 85 branches in Italy, is now being repeated with Ubi and the 900mia customers of the three banks, with $ 15 billion of loans and 18 collection.
Etruria, Marche, Chieti: ok from the Atlas to the purchase of non-performing loans
Formalized the offer, has been sent to the sole shareholder, that is, the Bank of Italy in the guise of Authority resolution: the decision rests with the executive board, at its next meeting Tuesday 17 should accept the offer. In each case it will be needed the authorisation of the Ecb: for the closing, then, we will have to wait at least the month of march, the deadline by which the Atlas will have completed the due diligence on the loans and initiated the securitization. The three banks will enter in the Ubi with a Cet1 of more than 9% for a few months and will remain parked outside the bar: just in time, as we know, to be submitted to the shareholders in the shareholders ‘ meeting of April the integration but, above all, an increase from the 400 million, which is necessary to maintain the 11,68% of Cet1 in that it is currently claimed by the group also in the scope widened. As we know, the recapitalization will take place around mid-2017, and with subscription rights for the existing shareholders, with the whole historical – brescia, bergamo and cuneo – which already would have given their willingness to subscribe.
For the sale of CariFerrara to Bper, we will instead have to wait a couple of weeks. Today, the board of directors of the bank, led by Alessandro Vandelli will examine the dossier in cda, but it will need some more technical insight in order to land an offer.
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