June 15, 2020 / 6:16 AM / 23 days ago

BRIEF-Bper Signs Supplementary Deal To Buy Going Concern From Intesa Sanpaolo

June 15 (Reuters) - Bper Banca SpA:

* SIGNS SUPPLEMENTARY AGREEMENT FOR THE ACQUISITION OF A GOING CONCERN FROM INTESA SANPAOLO GROUP

* ENVISAGES A MARGINAL ENLARGEMENT OF GOING CONCERN TO INCLUDE 532 BRANCHES VERSUS 400-500 ORIGINALLY INDICATED

* GOING CONCERN WILL CONSIST OF CUSTOMER DEPOSITS AND INDIRECT FUNDING ESTIMATED AT C. € 29 BILLION AND € 31 BILLION RESPECTIVELY, AS WELL AS OF NET LOANS ESTIMATED AT C. € 26 BILLION

* ADDITIONAL LOANS TO BE INCLUDED IN GOING CONCERN, ESTIMATED TO BE EQUAL TO AROUND EUR 4.5 BILLION, CONSIST OF PERFORMING EXPOSURES

* FOLLOWING TRANSACTION, BPER GROUP WILL BENEFIT FROM SOLID CAPITAL POSITION, WITH PRO-FORMA CONSOLIDATED CET1 RATIO FULLY LOADED ESTIMATED AT 12.5% IN 2020

* CALCULATION OF CONSIDERATION FOR GOING CONCERN SHALL NOW BE LOWER OF: I. 0.55 TIMES THE AMOUNT OF COMMON EQUITY TIER 1 OF GOING CONCERN

* CALCULATION OF CONSIDERATION FOR GOING CONCERN SHALL NOW BE LOWER OF 78% OF IMPLIED MULTIPLE PAID BY INTESA SANPAOLO FOR CET1 OF UBI

* ACQUISITION OF GOING CONCERN WILL RESULT IN FURTHER IMPROVEMENT OF ASSET QUALITY OF BPER, WITH PRO-FORMA GROSS NPE RATIO ESTIMATED AT 8.4% Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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