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Carige, the group Mediobanca in pole position for the purchase of Creditis

 

The international funds look at the Milan office, while Caltagirone is interested in Rome. 33 operators on the NPLs.

The asset transfer process that Carige is undergoing is proceeding at fast pace. With this operation, it is estimated that 200 million will be destined to strengthen the capital of the bank, whose shareholders’ meeting taking place on 28th September will have to vote the capital increase for 560 million, the third in four years after the first two of respectively 800 million and 850 million.

Yesterday the Ceo Paolo Fiorentino updated the Board about the interest of the market and the possibility to match the expected deadlines. According to Secolo XIX, the signals of interest for the purchase of the credit consumer company Creditis are around fifteen and Mediobanca is in pole position “ for credentials and determination of the proposal”. Regarding Creditis, the bank explains that “the competitive process is at the first phase with several counterparts and it will proceed with the selection of the non binding offers by middle September”: the selling price of the company, which is on the financial statement for 40 million, is around 70 million.

For what concerns the sale of the eight exclusive properties, it is understood that the office in Corso Vittorio Emanuele promises to be the first sale of the batch. According to rumours among the interested parties, there are the American funds Hines and Aew Capital Management, the Germans of Triuva and the Italians of Antirion Sgr. Carige expects from the sale of the Milan office (a 2,500 Sq m building, 250 of which at the ground floor with windows) to earn over 100 million. Whereas the group Caltagirone would be looking at the office in Via Bissolati in Rome (20 million), according to the newspaper. Over 2 million are expected from the sale of the London office in Kensington. “A short list of the counterparts that have sent the most interesting offers will be put together by middle September”, writes the bank.

The manifestations of interest are “more than expected”, coming from 33 operators for the transfer of the bad loans portfolio, for a gross value of no less than 1.2 billion, and for the related managing platform: the non binding offers for these activities are expected in the next weeks and the binding offers for the “beginning of November”. While the process related to the cashing services for Pos contracts is in an “advanced phase”.

At the end of the yesterday Assembly, the bank controlled by the Malacalza family (17.6%) explained that for what concerns the commercial relaunch, “the distribution network will be completely reviewed over the month of September, with the directors becoming the promoters of the new model. Each branch will be headed by a director reporting to the 11 regional commercial directors and holding greater powers. The update of the strategic plan till 2019 signed by Fiorentino will be informally discussed with the Board on 8th September and submitted to the approval of the Board of Directors on 13th September. The restoration will go through new redundancies, that rumours estimate to be around 400-500 employees. Yesterday the stock closed with an increase of 2.77% at 23 cents.

 

Source: Secolo XIX

Translator: Cristina Ambrosi

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