Intesa Sanpaolo signs contract to acquire certain assets and liabilities of Banca Popolare di Vicenza and Veneto Banca
Turin - Milan, 26 June 2017. Following the unanimous decision reached by its board of directors, Intesa Sanpaolo has signed a contract with the liquidators of Banca Popolare di Vicenza and Veneto Banca concerning the acquisition by Intesa Sanpaolo of certain assets and liabilities and certain legal relationships of the two banks, for a token price of €1.
The intervention of Intesa Sanpaolo makes it possible to avoid the serious social consequences that would have otherwise derived from compulsory administrative liquidation proceedings for the two banks. This intervention will safeguard the jobs at the banks involved, the savings of around two million households, the activities of around 200,000 businesses financially supported and, therefore, the jobs of three million people in the areas which record the Country’s highest economic growth rate.
Intesa Sanpaolo will acquire a segregated scope which excludes NPLs (bad loans, unlikely-to-pay loans and past due exposures), subordinated bonds issued, as well as shareholdings and other legal relationships that the Bank does not consider functional to the acquisition. However, Intesa Sanpaolo will allocate €60 million in total as restitution to small savers who hold subordinated bonds issued by the two banks, which includes an amount as its own intervention in addition to its expected pro-rata contribution to the fund supplied by the banking system.All press-releases