Spaxs got 98.3% of Banca Interprovinciale

02 May, Milano Finanza

Spaxs got 98.3% of Banca Interprovinciale. The special purpose company founded by Corrado Passera announced to have acquired an additional 6.9% share of Banca Interprovinciale, the bank founded in 2009 and operating in the SME sector with total assets amounting around 1 billion euro and equity for approximately 60 million euro. As a result, the company holds now 98.3% of the bank.

According to the plan, 78.9% of the capital of the bank should be bought in cash for a corresponding value of 44.2 million euro and 19.4% with the handover of 987,128 newly-issued Spaxs shares for 11 euro each. The remaining 1.7% of the capital will be transferred through a corporate integration between Spaxs and Banca Interprovinciale to be carried out at a later moment with modalities still to be defined.

Spaxs plans to operate in new market segments already since the second part of 2018. In fact, the business plan implies the creation of an innovative bank dedicated to SMEs, operating in the non-performing loan market and offering digital banking services to families and companies.

The new bank will follow a governance model aligned with the best practice of the market, and it will be guided by Corrado Passera which will cover the role of Ceo. According to the experts of Banca Imi, Banca Interprovinciale is a solid starting point for Spaxs to develop its strategy, thanks to its lean and modular structure, no legacies from the past, and a funding base for 529 million euro. The Spaxs shares, listed on Aim, are currently steady at 10 euro (+0.02%).

Source: Milano Finanza

Translator: Cristina Ambrosi

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