Milano, 28 February 2005

Today, Banca Intesa and ABS Banka, Sarajevo have reached an agreement on the terms of a tender offer to be launched by Banca Intesa for ABS Banka’s shares. Upon proposal of the Management Board, the Supervisory Board of ABS Banka has agreed to recommend the tender offer to the bank’s shareholders.


Banca Intesa and ABS Banka have agreed on an aggregate value of KM 140 (around € 72) for each ABS Banka share. The above-mentioned price is considered as the final offer from Banca Intesa and is therefore not subject to any increase.   


The tender offer will be launched for 100% of the share capital of ABS Banka for a total cash consideration of approximately KM 23 million (corresponding to around € 11.9 million). Its closing is conditional, amongst others, upon not less than 50% plus one share of the ABS Banka share capital being tendered by its shareholders, although Banca Intesa may, at its sole discretion, decide to accept a lower percentage.  


The tender offer is expected to take place in June, following the approval of the regulatory authorities of Bosnia and Herzegovina and Italy.


At 2003 year-end, ABS Banka had € 56 million of assets, € 39 million of customer deposits, € 34 million of customer loans and € 9 million of shareholders’ equity. For the twelve months ended 31st December 2003, its net profit amounted to € 791,000. It has a nationwide network of 41 branches serving 100,000 clients.


With this transaction, Banca Intesa takes a further step in the fulfilment of its strategy of growth in Central and Eastern Europe where the Group is already operational with Hungary’s fourth largest bank Central-European International Bank (CIB), Croatia’s second largest bank Privredna Banka Zagreb (PBZ) and Slovakia’s second largest bank Vseobecna Uverova Banka   (VUB) while the completion of the acquisition of Delta Banka in Serbia and Montenegro is under way. The Group is also present in Russi with ZAO Banca Intesa and a Representative Office, Austria (a Representative Office of its Italian subsidiary Banca di Trento e Bolzano), the Czech Republic (a Vub branch), Slovenia (its Italian Banking subsidiary Banca Popolare FriulAdria’s operations), Poland (its Representative Office).   


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