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Veneto Banca and Popolare di Vicenza accelerate the liquidation process

05 July, Milano Finanza

One year from the bail of the two banks, the liquidation officers have now accelerated the liquidation procedure. According to Milano Finanza, the sale of the real estate assets left after the administrative compulsory liquidation will go live after the summer. With the assistance of the advisor Vitale & Co, the liquidation officers decided to divide the assets into two lots which will include the many properties of the former Popolare di Vicenza (through the company Immobiliare Stampa) and a small part of the assets of Veneto Banca. The officers might also choose the administrator to manage the operation. The portfolio will include, besides the prestigious offices in Milan and Rome, also Palazzo Thiene, the bank’s headquarters in Vincenza, Palazzo Repeta and Palazzo Negri, as well as the exclusive branches in Largo del Tritone and the Rome old town. Moreover, we must remind that a part of the real estate assets has gone to Intesa Sanpaolo with the bailout process, mainly instrumental assets necessary to carry out the banking activity. Among these, there are the Veneto Banca offices and its headquarters in Montebelluna. Through a separate operation, the historic Hotel San Marco in Cortina will be soon put for sale. The hotel was acquired in 2011 for over 12 million by Anpezo, a Popolare di Vicenza company. The property might go on sale for about 8 million euro.

While the sale of properties is going on, the issues for the liquidation officers are not over. For instance, there is the matter over Farbanca, a subsidiary of Popolare di Vicenza providing funding for the pharmaceutical sector. The company was sold at the end of 2017 to New Seres Apennines, a vehicle company of the Chinese Cefc, but the operation fell through due to some issues Cefc had encountered in China. Hence, the officers had to put the company again on the market to find another buyer. It’s hard to tell whether the previous candidates would be still interested in the dossier. Among the companies, there are the Italian Banca Ifis and Creval, along with the international funds Blue Skye and Atlas. In the meanwhile, Banca Ifis has strengthened its position in the industry with the acquisition of Credifarma. On the contrary, the remaining assets included in the compulsory administration liquidation portfolios have been successfully sold, namely Banca Intermobiliare (sold to Attestor), Nem Sgr (sold to Lrw, the vehicle company of the Swiss fund Montana Capital), and PrestiNuova (sold to Popolare di Sondrio). However, the issue concerning the former banks’ employees is still to be solved. There are approximately 200 employees that haven’t be absorbed by Intesa Sanpaolo, together with twenty employees from Immobiliare Stampa. The liquidation officers are also working on solving this issue.

Source: Milano Finanza

Translator: Cristina Ambrosi