The board of directors of Credito Valtellinese SpA and unit Creval Sistemi e Servizi Soc. Cons.p.A. agreed to the latter's merger by incorporation into the Italian lender.

Creval already owns 99.08% of the unit, and will take full ownership under a simplified procedure laid down by Article 2505 of the Italian Civil Code, which does not necessitate the determination of a specific share swap ratio. CSS' shares will be transferred to Creval based on the former's pro rata book equity, based on its articles of association.

The merger is expected to be effective by the end of the current financial year, subject to regulatory authorization. This follows the merger of Credito Siciliano SpA with Creval as part of the bank's strategic 2018-2020 plan.