22 December, Milano Finanza
Intesa Sanpaolo has closed a deal with the unions regarding the staff after having acquired Popolare di Vincenza and Veneto Banca. To sum up, 9 thousand workers will voluntarily resign, the bank will permanently hire 1,000 people and 500 others will be hired with a combined solution of part-time and self-employment. The exit fees will amount to 45 million net of accounting tax in the third quarter of 2017 with savings when fully operational (from 2021) equal to 675 million per year. The Ceo Carlo Messina commented that “it’s a very important step in the strategic plan that will be presented at the beginning of the new year. The challenges we’re facing are very complex, but we believe that Intesa Sanpaolo, in facing them, will confirm as one of the leading banks in Europe”. For the leader of the union Fabi, Lando Sileoni, “we avoided people made redundant or fired, we’ve granted new hires despite the limitations imposed by the ECB concerning the integration of the two Venetian banks. All the workers employed on a temporary basis will be permanently hired”. Kepler Cheuvreux confirmed yesterday the buy recommendation and the target price of 3.4 euro per stock.
Yesterday, Intesa transferred a portfolio of 103 residential, commercial, industrial properties to Bain Capital Credit and Castello Sgr according to the project Hemera. The portfolio includes properties that Ca’ de Sass, through its subsidiaries, Intesa Sanpaolo Provis, Reoco and Mediocredito Italia, has taken back after the termination of leasing contracts and findings. Hemera is the fifth portfolio acquired by Bain Capital Credit in Italy in 2017, for a total of about 2 billion of managed assets composed of non-performing loans, loans and real estate assets. “This operation proofs our commitment towards the Italian market, which we consider one of the most interesting concerning NPLs and impaired loans”, declared Fabio Longo, managing director and responsible for the NPLs and real estate European operations for Bain Capital.
Source: Milano Finanza
Translator: Cristina Ambrosi