Wednesday, 11 June 2014 - 4:45pm

Joint Press Release - Banca Popolare di Spoleto will become the Banco Desio Group’s bank for central Italy

Wednesday 11 June 2014
  • Investment Agreement signed between Banco di Desio e della Brianza and Banca Popolare di Spoleto (under Extraordinary Administration) for Banco di Desio e della Brianza’s investment in Banca Popolare di Spoleto share capital. 
  • Amongst other things, the Investment Agreement envisages a cash subscription to a Euro 139,750,000 share capital increase reserved to Banco di Desio e della Brianza, as a result of which Banco di Desio e della Brianza will hold ordinary Banca Popolare di Spoleto shares accounting for between 66.8% and 72.2% of the share capital. 
  • The share capital increase, arranged from own funds, aims to strengthen the capital of Banca Popolare di Spoleto and restore its solvency and regulatory capital ratios, and to create the conditions for re-establishment of the corporate bodies. 
  • SCS will receive a loan in support of its restructuring needs. 
  • Subject to obtaining all necessary approval from the competent Authorities, the share capital increase is to be implemented by the end of July 2014, whilst re-establishment of Banca Popolare di Spoleto corporate bodies is planned by the end of September 2014. 
  • After the Transaction, BPS is expected to allocate warrants free of charge to SCS and to all other BPS shareholders other than Banco Desio. 
Press Release 50.71 KB
Last updated 04/20/2015