Crédit Agricole SA unit Crédit Agricole Cariparma SpA completed its acquisition of a 95.3% stake in Italian savings banks Cassa di Risparmio di Rimini SpA, Cassa di Risparmio di Cesena SpA and Cassa di Risparmio di San Miniato SpA.
Prior to the deal's completion, the Italian Interbank Deposit Protection Fund's voluntary scheme increased the capital of the three ailing banks to align their fully loaded common equity Tier 1 ratios with criteria specified by Crédit Agricole Group.
In addition, a portfolio of some €3 billion in gross nonperforming loan exposures has been sold to private investors or securitized with the help of Italy's Atlante II fund, and deconsolidated from the three banks' balance sheets.
The deal will have an impact of approximately 10 basis points on the fully loaded CET1 ratios of Crédit Agricole SA and Crédit Agricole Group.
doBank SpA earlier reached a final agreement to act as special servicer for the management of an approximately €1 billion nonperforming loan portfolio as part of the bailout deal for the three banks.