Key Developments: Banca Piccolo Credito Valtellinese Sc (PCVI.MI)

PCVI.MI on Milan Stock Exchange

0.77EUR
23 Dec 2014
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Latest Key Developments (Source: Significant Developments)

Banca Piccolo Credito Valtellinese Sc sets final terms of share capital increase
Thursday, 22 May 2014 03:06pm EDT 

Banca Piccolo Credito Valtellinese Sc:Says the board of directors approved the final terms of the share capital increase up to a maximum of 400 million euros, resolved by the same board on April 15, based on the authorization granted by the shareholders’ meeting on April 12.The board of directors resolved to issue up to 624,963,248 new Creval shares, without par value and having the same characteristics as the Creval shares already outstanding.The shares are at a subscription price of 0.64 euros each, of which 0.14 euros as share premium, at a right issue ratio of 13 newly issued Creval shares for 10 Creval shares held.Says the overall maximum amount of the offer will be 399,976,478.72 euros.The issue rights to subscribe the newly issued Creval shares are exercisable from May 26 until June 20, included.  Full Article

Moody’s affirms Banca Piccolo Credito Valtellinese Sc's ratings; outlook remains negative
Thursday, 17 Apr 2014 01:52pm EDT 

Banca Piccolo Credito Valtellinese Sc:Moody’s Investors Service has affirmed Credito Valtellinese’s long and short-term deposit ratings of Ba3/Not-Prime and standalone bank financial strength rating (BFSR) of E+, equivalent to a standalone baseline credit assessment (BCA) of b1.The outlook for the long-term deposit rating remains negative.  Full Article

Banca Piccolo Credito Valtellinese Sc renews share buy-back; approves share capital increase
Saturday, 12 Apr 2014 10:14am EDT 

Banca Piccolo Credito Valtellinese Sc:Says it renewed the Board’s authorization to purchase and sell treasury shares for a maximum of 10 million shares and a value of 30 million euros, complying with relevant current legislations and regulations in force.Says, in the extraordinary session, the Shareholders’ Meeting, by a considerable majority, approved the share capital increase up to 400 million euros through the issue of ordinary shares to be offered to shareholders in option against payment.  Full Article

Banca Piccolo Credito Valtellinese Sc places 347 mln euros in structured bonds (RMBS)
Wednesday, 2 Apr 2014 05:59am EDT 

Banca Piccolo Credito Valtellinese Sc:Completes the placement with institutional investors of all of the A1 senior tranche of the securitisation transaction Quadrivio RMBS 2011 S.r.l. for a total of 347 million euros, with a final maturity scheduled in 5 years.Says the transaction was placed by JP Morgan and Banca Imi acting as the Intermediary Re-Offer Banks, while the law firm Bonelli Erede Pappalardo provided legal assistance to Creval Group.  Full Article

Banca Piccolo Credito Valtellinese Sc sign agreement with Alba Leasing for development of strategic alliance in leasing business
Monday, 24 Mar 2014 11:25am EDT 

Banca Piccolo Credito Valtellinese Sc:Signs, with Alba Leasing, a Framework Agreement for the development of a strategic alliance in the leasing business.The agreement involves the conferment of the business branch related to part of the leasing activity of Creval Group in Alba Leasing and the signing of sales agreements for the distribution, by the territorial banks of Creval Group, of the leasing products of Alba Leasing.  Full Article

Banca Piccolo Credito Valtellinese Sc signs agreement for sale of Creset to Fire Group
Wednesday, 5 Mar 2014 11:37am EST 

Banca Piccolo Credito Valtellinese Sc:Says a framework agreement was signed between Credito Valtellinese (Creval) and Fire Group governing Creval's sale to Fire of 2,640 ordinary shares in Creset Servizi Territoriali, representing 60 pct stake.Says the sale is for a provisional amount of 3.6 million euros, calculated based on the equity resulting from the financial position as at the reference date of the sale (Dec. 31, 2013).Says the transaction is expected to be completed in the first half of 2014.  Full Article

Banca Piccolo Credito Valtellinese Sc sees net profit at 104 mln euros in FY 2016; approves 400 mln euros paid share capital increase
Tuesday, 4 Mar 2014 11:40am EST 

Banca Piccolo Credito Valtellinese Sc:Sees, within the 2011-2014 business plan, group net profit projected at 104 million euros in fiscal year 2016.Fiscal year 2016 net income at 104.00 mln euros - Thomson Reuters I/B/E/S.Says the Board approved a paid share capital increase for a total amount of 400 million euros, as part of a broader programme to enhance equity.  Full Article

Banca Piccolo Credito Valtellinese Sc approves new organizational structure
Tuesday, 18 Feb 2014 10:15am EST 

Banca Piccolo Credito Valtellinese Sc:Says the Board has approved a new organizational structure for the Parent company.Says four Specialized Areas have been established, reporting directly to the Managing Director and General Manager Miro Fiordi, and each is to be held by a member of General Management.Says the Areas include Credit, Commercial, Finance and Operations, and Risks and Controls.Says the planning and capital management, human resource management departments, as well as the equity investments and corporate affairs sector and the management of non-performing loans (carried out by Finanziaria San Giacomo), report directly to the Managing Director.Says the organizational change shall be effective from March 1.Says the purpose of the change is further to focus the top managers and their teams on their respective fields of specialization, with a view to improving operating and commercial performance, and to optimize credit control and risk management processes.  Full Article

Banca Piccolo Credito Valtellinese Sc Completes Sale of Entire Stake in Banca di Cividale SpA
Thursday, 26 Sep 2013 05:48am EDT 

Banca Piccolo Credito Valtellinese Sc (Creval) announced that it completed the sale by Creval of its entire stake in Banca di Cividale SpA to Banca Popolare di Cividale Soc. coop. per Azione (Banca Popolare di Cividale), as announced on June 3, 2013. The first tranche was completed on June 17, 2013 with the sale of 1,628,250 Banca di Cividale shares for EUR 47,919,397.50, while the second and last tranche was completed on September 26, 2013 with the sale of the remaining 876,750 Banca di Cividale shares for a total of EUR 25,802,752.50. As part of the agreement Creval has also acquired a stake of 1% in the capital of Banca Popolare di Cividale, through the acquisition of 169,277 shares, for a total of EUR 4,147,286.50.  Full Article

Moody's Downgrades Banca Piccolo Credito Valtellinese Sc Ratings
Tuesday, 13 Aug 2013 01:54pm EDT 

Banca Piccolo Credito Valtellinese Sc announced that Moody's downgraded the Company's long-term deposit and senior unsecured ratings from Baa3, on review for downgrade, to Ba3, with negative outlook; short-term deposit rating from Prime-3, on review for downgrade, to Not-Prime; standalone bank financial strength rating from D+, on review for downgrade, to E+, with stable outlook. Moody's reasons for the reduction are due to the rapid deterioration in profitability, mainly due to the deterioration of credit quality in a recessionary environment in Italy. The Company informed that it acknowledged Moody's rating while it disagreed on the downgrade motivations expressed.  Full Article

Fitch downgrades Italy's Credito Valtellinese

MILAN, July 10 - Rating agency Fitch said on Thursday it had cut its rating for Italian bank Credito Valtellinese to 'BB' from 'BB+' with a stable outlook.

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