Ubi banca brescia sedex - Italian Guide

Ubi banca brescia sedex

Information about Ubi Banca Brescia Sedex

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On 12 January 2017 UBI Banca submitted a binding bid of €1 to buy Nuova Banca delle Marche, Nuova Banca dell'Etruria e del Lazio and Nuova Cassa di Risparmio di Chieti (the three banks that were rescued on 22 November 2015 by Italian National Resolution Fund, a fund that was mandatory contributed by the banking sector, and was managed by the Bank of Italy), with conditions that the three banks would be recapitalized for an estimated €450 million by the fund, as well as selling some of the target banks' non-performing loans (NPLs) in order to lower the size of their risk-weighted assets to below €10. 6 billion, increase coverage ratio for the NPLs (i. e. more write down and provision), and a minimum of CET1 ratio of 9. 1%. UBI Banca would also recapitalized for a maximum of €400 million in order to counter-weight the effect of bad will (negative goodwill). On 18 January the bid was accepted and signing the contract. On 10 May, the transaction was completed. On the same day, a plan to merge the 3 banks into UBI Banca was also announced. In June 2017, about 167 million number of new shares were offered to the existing shareholders for €2. 395 each (a discount compared to market value), in order to raise aforementioned €400 million for the completion of the acquisition of the 3 banks.