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INTESA SANPAOLO BANCA POPOLARE DI VICENZA
JOINT PRESS RELEASE
INTESA SANPAOLO SELLS FARBANCA TO BANCA POPOLARE DI VICENZA
Torino, Milano, Vicenza, 6th March 2007 – Today, the Management Board of Intesa Sanpaolo S.p.A. and the Board of Directors of Banca Popolare di Vicenza S.c.p.a. have approved the sale of the entire stake held by Intesa Sanpaolo in Farbanca (representing 19.33% of the share capital) for a cash consideration of €9.3 million.
The parties are now going to sign a share purchase agreement. The finalisation of the transaction is subject to the obtaining of the required authorisations.
Set up in 1998 by a group of pharmacists, members of industry associations and professionals, Farbanca is a one-branch remote bank specialised in the offer of banking services to pharmacies. It has a staff of approximately 30 employees, loans to customers for approximately €180 million - 85% granted to pharmacies - and total customer deposits for approximately €80 million.
With the purchase of this stake in Farbanca Banca Popolare di Vicenza moves further into the expansion of its strategic presence in the health-care sector in which the BPVI Group already operates through Farmanuova, a company providing financial services to the pharmaceutical industry.
Last updated 6 March 2007 at 17:43