Key Developments: Banco Popolare Sc (BAPO.MI)
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9,110,123
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Latest Key Developments (Source: Significant Developments)
Banco Popolare Sc Finalizes Disposal of Banco Popolare Hungary to Magnet Hungarian Community Bank
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 Reaches Agreement with Credit Agricole SA on Agos Ducato
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 Approves Share Buy-Back Program
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
Banco Popolare Sc to Sell 100% Stake in Banco Popolare Hungary to MagNet Hungarian Community Bank
Banco Popolare Sc announced that it has signed an agreement with MagNet Hungarian Community Bank for the transfer of 100% of the share capital of Banco Popolare Hungary, the group’s Hungarian subsidiary company, to Hungarian-based MagNet Bank. The Transaction is subject to the obtaining of the necessary authorizations by the competent supervisory authorities. The consideration, equal to EUR 0.5 million, will be made on a cash basis and does not entail any significant impact on the consolidated financial statements of Banco Popolare. Banco Popolare Hungary was acquired by Banco Popolare in 2007, with total assets of EUR 133 million as at year-end 2012 and with an operating structure of 10 branch outlets and approximately 145 employees. KPMG CORPORATE FINANCE acted as financial and Clifford Chance as legal advisors for Banco Popolare, while Robert Mezei Law Office acted as legal advisor for MagNet. Full Article
Standard & Poor’s Downgrades Banco Popolare Sc's Long and Short-Term Ratings; Confirms Negative Outlook
Banco Popolare Sc announced that Standard & Poor’s has downgraded the Long and Short-term ratings of Banco Popolare and of its subsidiaries Credito Bergamasco and Banca Aletti from BBB-/A-3 with negative outlook to BB+/B keeping a negative outlook. Banco Popolare has informed that it disagrees with the agency's judgment due to several aspects, including the CT1 ratio; liquidity and funding profile, and core profitability, among others. Full Article
Fitch Ratings Affirms Banco Popolare Sc's Long- and Short-Term Rating with Negative Outlook; Affirms Viability Rating
Banco Popolare Sc announced that Fitch Ratings, following its rating downgrade to BBB+ with negative outlook of Italy’s rating on March 8, 2013, has affirmed the long- and short-term ratings of Banco Popolare at BBB and F3, respectively, changing the outlook of the long-term rating from stable to negative. At the same time, Banco Popolare’s Viability Rating was affirmed at bbb. Full Article
Banco Popolare Sc Issues EUR 1.25 Billion Senior Three-Year Bond
Banco Popolare Sc announced that it has issued a EUR 1.25 billion three-year senior bond to institutional investors under its EMTN programme. The fixed-rate coupon bond features a yield corresponding to the mid swap rate plus 310 basis points. The issue was led by Banca Aletti & C., Banca IMI, BofAML, Citigroup Global Markets Limited, Goldman Sachs International and Natixis as joint book runners Full Article
Banco Popolare Sc Completes Sale of Auto Trading Leasing IFN SA to APS Holding SE and to its subsidiary APS Romania SRL
Banco Popolare Sc announced that on December 6, 2012 it has completed the sale of its Romanian subsidiary Auto Trading Leasing IFN SA to APS Holding SE and to its subsidiary APS Romania SRL. APS Holding SE is a Czech company belonging to the private equity Slavia Capital. The price for the sale was equal to EUR 452,000. Full Article
Credito Bergamasco SpA Signs Contract for Sale of Business Branch to Banco Popolare Sc
Credito Bergamasco SpA announced that it has signed a contract for sale of the business branch made up of 35 branches to Banco Popolare Sc. Full Article
Moody's Investor Service Places Banco Popolare Sc's Long and Short-Term Rating and Bank Financial Strength Rating Under Review for Possible Downgrade
Banco Popolare Sc announced that on November 27, 2012, Moody's Investor Service placed the long and short-term ratings of Banco Popolare Baa3/P-3, as well as the so-called Bank Financial Strength Rating D+, under review for possible downgrade. Such decision follows the publication, on November 19, 2012, of Moody's Banking System Outlook for Italy, in which the rating agency expresses its view that all factors considered in evaluating the Italian banking system continue to be under pressure due to the difficult macroeconomic scenario. Full Article
Banco Popolare buyback to boost Core Tier 1 by 7 bps
MILAN, May 30 - Italian cooperative lender Banco Popolare said on Thursday that a buyback on securities issued by the bank would boost its Core Tier 1 capital ratio by 7 basis points.
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