- 3 min
Press release - Intesa Sanpaolo S.p.A. / Crédit Agricole S.A.
Paris, 22 June 2010
Intesa Sanpaolo S.p.A. and Crédit Agricole S.A. announce today that they have drawn up the definitive list of assets to be sold by the Intesa Sanpaolo group to the Crédit Agricole Group, in accordance with the agreement of 18 February.
As planned, the sale will encompass two distinct groups of assets, for a total cash consideration of approximately 740 million euro:
- Cassa di Risparmio della Spezia (or Carispe), a subsidiary of the Intesa Sanpaolo group, which operates a network of 76 branches located in Liguria, Tuscany, Emilia Romagna ;
- a group of 96 branches to be acquired from the Intesa Sanpaolo group, located principally in Lombardy, Latium, Tuscany and Veneto regions.
These branches have significant excess deposit balances. The impact of this transaction on Crédit Agricole’s Tier One ratio is less than 25bps.
When this deal is completed, the Crédit Agricole Group will own a network of 902 retail banking branches in Italy. Taking into account all its business segments in Italy (banking, insurance, asset management, corporate and investment banking, leasing and factoring, specialised financial services), the Crédit Agricole Group is set to become one of the topseven players in the Italian banking market.
Crédit Agricole S.A. is notably accelerating the expansion strategy of its Italian subsidiary Cariparma Crédit Agricole by strengthening its positions in regions with strong potential for economic development, mostly in northern Italy and in major urban centres, such as Milan, Florence and Rome. Cariparma Crédit Agricole is thus expanding its retail customer base by around one quarter, with a total of 1.8 million customers.
This deal, which is subject to authorisation from the Bank of Italy and clearance from the European Commission regarding merger control procedures, is expected to go ahead shortly.