trending Market Intelligence /marketintelligence/en/news-insights/trending/29sswnG0u4llR3anaoU-Tw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

UBI signs contract for acquisition of 3 rescued lenders

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


UBI signs contract for acquisition of 3 rescued lenders

Unione di Banche Italiane SpA signed a contract to acquire 100% of the share capital of three small Italian banks that were rescued by the country's government in late 2015.

The contract is in line with the terms outlined by UBI Banca in announcing its binding offer for Nuova Banca delle Marche SpA, Nuova Banca dell'Etruria e del Lazio SpA and Nuova Cassa di Risparmio di Chieti SpA, which included a purchase price of €1 and a series of conditions that must be fulfilled ahead of the deal's completion.

The conditions include the offloading of €2.2 billion in bad debt held by the three banks, as well as a recapitalization by Italy's resolution fund. The fund will have to stump up €1.5 billion, to be drawn from Italian bank contributions, to complete the transaction, as well as the sale of another rescued bank, the Bank of Italy's chief supervisor, Carmelo Barbagallo, told a senate commission Jan. 17, according to Reuters.

UBI said it aims to close the transaction by the end of the first half, subject to the satisfaction of its conditions and the receipt of required approvals.

It will also aim to raise €400 million of new equity in the same time frame, CEO Victor Massiah said Jan. 19, according to Reuters. That transaction is designed to ensure that the bank's regulatory capital buffers are sustained throughout the transaction process.

The three banks being acquired are the successor institutions to Banca delle Marche SpA, Banca Popolare dell'Etruria e del Lazio SC and Cassa di Risparmio della Provincia di Chieti SpA, respectively.