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Italian bank Popolare di Sondrio buys consumer finance firm from Vicenza

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Italian bank Popolare di Sondrio buys consumer finance firm from Vicenza

Banca Popolare di Sondrio SCpA signed a contract with Banca Popolare di Vicenza SpA to acquire PrestiNuova SpA, a subsidiary of the latter, for a price of €53.4 million.

Popolare di Sondrio will acquire 100% of the share capital of PrestiNuova, a consumer finance company.

The deal stipulates that Popolare di Sondrio will take over the funding of PrestiNuova from Intesa Sanpaolo SpA, which has owned much of Popolare di Vicenza since 2017 when the troubled lender was put into liquidation due to management failings and faulty operations.

Deal completion is subject to the necessary legal authorization from the appropriate authorities. The purchase price will be paid when the deal closes, expected to be at the end of the third quarter.

The impact of the deal on Popolare di Sondrio's common equity Tier 1 ratio is estimated to be less than 18 basis points.