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Banca Monte dei Paschi di Siena SpA Finalizes Disposal of 60.42% Stake in Cassa di Risparmio di Biella e Vercelli to Cassa di Risparmio di Asti


Friday, 28 Dec 2012 12:20pm EST 

Banca Monte dei Paschi di Siena SpA (Banca Mps) announced that on December 28, 2012 it has finalized the disposal of its 60.42% shareholding in Cassa di Risparmio di Biella e Vercelli (Biverbanca) to Cassa di Risparmio di Asti. The sale was settled at a price of EUR 208,962,773.90. By way of this transaction, Banca Mps recognizes a total net effect of approximately EUR 25 million in its income statement, subject to the usual adjustments within agreed financial parameters. The transaction has a 10 bps impact on the current Tier 1 ratio of the MPS Group. Biverbanca relies on a sales and distribution network of 122 branches located in Northern Italy, of which 116 in Piedmont, five in the Aosta Valley and one in Lombardy. The acquisition of Biverbanca will enable Banca Cassa di Risparmio di Asti to expand its market share in these areas and, more generally, in the North West of Italy.