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Creval to merge 2 units

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Creval to merge 2 units

Credito Valtellinese SpA said the boards of directors of wholly owned units Creval PiùFactor SpA and Claris Factor SpA agreed to carry out the merger by incorporation of the two firms.

The merged entity, which will operate under Creval PiùFactor's name, will be dedicated to factoring operations with an expected turnover of about €800 million in 2018 and a target of more than €1.5 billion in 2020, the Italian banking group said Aug. 8.

Creval's board named Stefano Zuccherato to be general manager of the combined entity once the merger becomes effective, which is expected to take place by 2018-end.

Creval acquired Claris Factor from Veneto Banca SpA in June for €5 million.