Milano, 17 July 2003
Yesterday the final agreement was signed for the sale of the entire share capital of Carinord 2 - owned by Banca Intesa (41.14%), Fondazione Cassa di Risparmio della Spezia (31.83%) and Fondazione Cassa di Risparmio di Carrara (27.03%) - to Cassa di Risparmio di Firenze and Banca Carige. Carinord 2 is the holding company which controls Cassa di Risparmio della Spezia and Cassa di Risparmio di Carrara.
Banca Intesa sold its entire stake in Carinord 2 (41.14%) at a price of 115 million euro cash. The sale results in a capital gain of approximately 30 million euro.
More precisely, Banca Intesa sold 24.68% of the share capital held in Carinord 2 to Cassa di Risparmio di Firenze at a price of 69 million euro and the remaining 16.46% of the share capital held in Carinord 2 to Banca Carige at a price of 46 million euro.
With this sale, realized jointly with Fondazione Cassa di Risparmio della Spezia and Fondazione Cassa di Risparmio di Carrara, Banca Intesa is no longer bound to the engagements originally taken with the mentioned Fondazioni, which would have implied a further 300 million euro investment.
The transaction is consistent with the planned sale of non-strategic assets and the policy of streamlining the branch network, seconding - wherever possible - the direct presence.
The finalization of the transaction is subject to the approval of the competent authorities.
Last updated 17 July 2003 at 11:23