Credito Valtellinese SpA named a new chief risk officer and approved the merger by incorporation of 98.55%-owned unit Credito Siciliano SpA into the Italian lender.
Creval said Fabio Salis will take on the role of chief risk officer, while Deputy General Manager Enzo Rocca will take on responsibility for the compliance and money-laundering functions.
In addition, Creval's board of directors agreed on an exchange ratio of 2 new Creval shares for every 1 share in Credito Siciliano. Based on calculations that pegged each Credito Siciliano share at a price of €19.68 apiece, Creval said its total disbursement would amount to about €3.8 million in the event that all minority shareholders in Credito Siciliano sell their shares to Creval.
The merger by incorporation, subject to approval from the Banca D'Italia SpA and the board of Credito Siciliano, will be effective by the end of the first half of 2018, Creval said.
