While the boards of Directors gather today to approve the merger between Banca Intesa and Sanpaolo IMI, the contrast between the reluctance of the latter the main shareholder, the Spanish group Santander, has officially disputed yesterday the exchange parities and the first announcements is striking. Banca Intesa has been able to resolve without too many clashes ties, former, with its reference shareholder, Credit Agricole, while with Sanpaolo IMI, the Gruppo Santander relations remain difficult.
Yesterday, the Italian bank unveiled that it assigned to agricultural credit fund of saving of Parma and Piacenza (Cariparma), and Banco Popolare FriulAdria and 193 ATMs for a total of about EUR 6 billion. Either a value of 4 billion euros for Banca Intesa, in exchange for a direct entry into Italy for Credit Agricole, which accesses so a comprehensive banking platform and quality, strong 654 agencies. Crédit Agricole should be 85 of the capital of the Fund in Parma, the rest being held by the Foundation Cariparma. June 30, 2006, this Bank of Parma had a EUR 389 million operating revenue. Turn FriulAdria Bank issued a EUR 127 million operating revenue. As the wickets of Banca Intesa, their contribution to Banca Intesa operating income was EUR 220 million.
To give time
Banca Intesa also points out that the existing agreement for the consumer credit marketed within its network remains in the State for three years. At the end of this period, the parties concerned will review the agreement and especially the property of Agos, and Crédit Agricole will acquire the 49 of the Agos capital currently in the hands of Banca Intesa.
The thorny problem of the Nextra asset management ex-société, become CAAM SGR. While expected to exit from the Credit Agricole, the two banks have decided to still time: they will look, this time with Sanpaolo IMI, the possibility of creating a pan-European partnership in the activities of asset management. If they decide not to prosecute, the capital of CAAM will be unwound in terms equivalent to those of the original sale of 65 of Nextra to Crédit Agricole a year ago.
To do this, Banca Intesa will have an option to purchase and the Crédit Agricole for a put option, it will be possible to the date of sale of subsidiaries (between February 1 and March 31, 2007) on October 12, 2007, for the 65 of Nextra capital. The price will be the same as that on which the two banks agreed in December 2005, i.e. EUR 815,8 million, with of course adjustments: the dividend received by the agricultural credit will be deducted and the cost of capital over the period of time will be added, assessed at the rate of 9. The Green Bank will keep the institutional asset management it has created and will be able to distribute its products through the Italian network that it is acquiring.
Essential step
Until the exercise of the option, the existing exclusive agreements continue to work with two codicils: Credit Agricole will abandon its rights to buy after the merger of the Sanpaolo IMI Group asset management companies and he will admit that the agencies are not affected by the exclusive right of distribution.
As a result of this agreement, the Credit Agricole, which holds 17.8 of the shares of Banca Intesa, will give go-ahead to the merger. An essential step for the consolidation of the Italian banking sector.
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