Key Developments: Banco Popolare Sc (BAPO.MI)
6 Dec 2013
Latest Key Developments (Source: Significant Developments)
Banco Popolare Sc:Says Fitch Ratings has affirmed the long- and short-term ratings of Banco Popolare at BBB and F3, respectively.Says the Viability Rating has been changed from bbb to bbb-.Says Outlook remains Negative, reflecting the Outlook on Italy's long-term rating. Full Article
Banco Popolare Sc:Says on Nov. 26 the Board of Directors decided to convene the Special Shareholders’ Meeting on Apr. 24, 2014 on first call, and if necessary on Apr. 26, 2014 on second call, to approve, among other things, the merger of Credito Bergamasco SpA into Banco Popolare.Further details were not provided. Full Article
Banco Popolare Sc:Says the Board of Directors of Banco Popolare and the Board of Directors of Banca Italease SpA also prepared and approved the merger plan of Banca Italease into Banco Popolare.Says merger effective date will be communicated under the law and in any case it will follow the effective date of the merger of Credito Bergamasco, and will be no later than Dec. 31, 2014.Says by the date the merger deed is signed, Banco Popolare will hold 100% of the share capital of Banca Italease.Says once the transaction is finalized, all the ordinary shares of Banca Italease - since held by Banco Popolare - will be canceled.Says the merger of Banca Italease, together with the proposed merger by incorporation of Credito Bergamasco into the company, bring the rationalization of the corporate structure started in 2011 to completion. Full Article
Banco Popolare Sc Signs Agreement with Aviva Italia Holding SpA and Finoa Srl to Sell Eurovita Assicurazioni SpA to Funds Advised by U.S. Private Investment Firm J.C. Flowers & Co.
Banco Popolare Sc (BP) announced that, together with Aviva Italia Holding SpA (AVIVA) and Finoa Srl (FINOA) have signed an agreement to sell 79.62% of Eurovita Assicurazioni SpA (EUROVITA) to JCF III Europe Sarl, an SPV of the Private Equity Fund JC Flowers & Co (JCF), for a total consideration of EUR 47 million. JCF is a U.S. investment firm, focused on the financial and insurance services industries. EUROVITA is an insurance company founded in 1990, that distributes its products through a network of Italian local and regional banks. The company is owned 77.55% by FINOA, a 50% Joint Venture between Banco Popolare and AVIVA whose single material asset is the participation in EUROVITA, and by Banco Popolare, which owns a 2.07% stake. The transaction is scheduled to be finalized within the first quarter of fiscal year 2014, after the required authorizations from the competent authorities have been obtained. BP has been advised by the Law Firm Clifford Chance. Full Article
Banco Popolare Sc announced that it sold its stake held in Azimut Holding SpA, through an accelerated process of order collection targeting qualified institutional investors in Italy and abroad. By means of this procedure, Banco Popolare has sold 3,000,000 of ordinary shares held in Azimut, corresponding to approximately 2.094% of the share capital of Azimut. As a result of this operation, Banco Popolare has realized a total net capital gain of approximately EUR 29.2 million. The positive commercial relationship existing between Banco Popolare and Azimut is set to remain unchanged. The procedure of order collection was managed by EQUITA S.I.M. S.p.A, acting as the Sole Bookrunner of this operation. Full Article
Banco Popolare Sc announced that the rating agency Standard & Poor’s, as a consequence of the downgrade, on 9 July 2013, of Italy’s long-term rating from BBB+ to BBB and the subsequent lowering by one notch of the so-called anchor for the Italian banking industry, as part of a review that has involved the Italian banking system, has lowered the long-term rating of Banco Popolare and of its subsidiaries Credito Bergamasco and Banca Aletti from BB+ to BB. At the same time, Standard & Poor’s has affirmed the short-term ratings at B. Full Article
Banco Popolare Sc announced that on July 8, 2013 the rating agency Moody’s has decided to downgrade Banco Popolare’s long-term rating from Baa3 to Ba3 with a negative outlook, its short-term rating from P-3 to NP (Not Prime) and its BFSR (Bank Financial Strength Rating) from D+ to E+. To this respect, Banco Popolare announced to have formally disputed the decision, which according to Banco Popolare is deemed manifestly arbitrary and based on wrong and contradictory factual assumptions. Banco Popolare also noted that the decision made by Moody’s is in contrast with the ratings that have been even recently assigned by other rating agencies (in the Full Rating Report issued by Fitch on July 1, 2013, a long-term rating of BBB is indicated for Banco Popolare). Full Article
Banco Popolare Sc announced that, following the authorization received by the competent supervisory authorities, it has finalized the agreement on the basis of which its Hungarian subsidiary Banco Popolare Hungary was sold to Magnet Hungarian Community Bank. The consideration, equal to EUR 0.5 million, will be made on a cash basis. Banco Popolare Hungary has an operating structure of 10 branch outlets and approximately 145 employees. The transaction allows the Group to move ahead with its focus on the core Italian banking business. Full Article
Banco Popolare Sc announced that on May 7, 2013 Banco Popolare reached an agreement with the partner Credit Agricole SA aimed at turning back to profitability the joint venture Agos Ducato, which saw the definition of aspects pertaining to the capital position, the financial profile and the commercial development of the partnership. During the evening of the same day, Agos Ducato, which is owned 61% by Credit Agricole and 39% by Banco Popolare, also held a Board Meeting to approve the new business plan, the impairment of goodwill as well as the FY 2012 financial statements. Further information with analytical details on these aspects will be provided at a later date. Full Article
Banco Popolare Sc announced that the Shareholders’ Meeting approved the proposal regarding the share buy-back to sustain the stock liquidity along the timeframe and procedures provided for by current regulations. The authorization covers the buy-back of own shares, in one or more tranches, within a maximum amount of Euro 50,000,000 of the available reserves, and the use of the shares, in one or more tranches, provided that, in any case, in consideration of the executed transactions, the number of shares held in the portfolio does not exceed 2% of the shares making up the share capital. The authorization for the share buy-back is granted up until the approval of the 2013 Annual Report. The Shareholders' Meeting also approved the proposal regarding the share buy-back up to a maximum amount of Euro 860,000, and in any case not exceeding 580,000 shares, and the use of 519,132 own shares held in portfolio and coming from previous share allocation plans to build up a so called share reserve pursuant to the Consob Resolution. Full Article
MILAN, Dec 5 - Italian mid-sized lender Banco Popolare is in preliminary talks with investors interested in buying a pool of bad loans, financial sources said on Thursday.