Intesa Sanpaolo SpA on Dec. 19 finalized a deal to acquire the remaining 90% of Banca ITB SpA it did not already own for a cash consideration of €153 million.
The acquisition of Banca ITB and its allocation to the Banca dei Territori division is part of Intesa's strategic objectives set out in the lender's business plan for the period of 2014 to 2017.
Banca ITB had total assets of about €228 million and shareholders' equity of approximately €33 million in 2015, with ROE of 30% and a core Tier 1 ratio of 25.8%.
The deal will allow Intesa to leverage on the current network of about 20,000 points of sales with agreements with Banca ITB, create a network of proximity focused on instant banking and implement a business model that could be replicated both in Italy and abroad.
PwC Legal served as Intesa Sanpaolo's legal consultant for the transaction.