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| AFX News · Aktuelle AFX News Nachrichten · Archiv< zurück < · Druckversion |
| 05.07.2005 09:06 |
Capitalia to merge with Fineco; buy out minorities in MCC UPDATE |
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MILAN (AFX) - Capitalia SpA said its board approved plans to merge with the group's asset management unit Fineco SpA and to buy out minorities in the merchant bank unit MCC. Capitalia will offer five of its shares for three Fineco shares and 11 shares for every three MCC shares. The bank is offering a 4 pct premium on Fineco's closing price yesterday. The offer for MCC values the merchant bank at about 1.6 bln eur. MCC will transfer to Capitalia its capital markets activity, securities portfolio and loans made to banks, while MCC will integrate the group's leasing activities Capitalia Leasing&Factoring and Fineco Leasing. Capitalia added that Fineco chief executive Fabio Gallia will become CEO of the group's banking unit Banca di Roma, replacing Cesare Caletti, who becomes CEO of MCC. Shareholders of the companies involved in the restructuring will be asked to approve the operations in November, Capitalia said. The bank also presented a 2005-2007 business plan which forecast an average annual increase in revenues of 6 pct. Net interest income is expected to rise 5 pct a year and revenues from services 7 pct. The bank forecast 100 mln eur in cost reductions, stemming mainly from the creation of Capitalia Solutions, a unit specialising in procurement, logistics and other services. Another 20 mln eur in savings will derive from the restructuring of the group's information technology systems. Cost/income ratio is forecast at 59 pct in 2006 and 54 pct in 2007 compared with 64 pct in 2004. Return on equity is estimated at 13 pct in 2006 and 16 pct in 2007 compared with 5 pct in 2004. The core Tier 1 ratio is expected to rise to 6.7 pct in 2006 and to 7.0 pct in 2007 from 6.6 pct in 2004. The bank said that it plans to increase the number of branches by more than 300 by end-2007 and that staffing levels will remain stable during the length of the business plan. The group will increase the opening hours of its main branches, improve staff training and increase services provided at its branches. Capitalia said that foundation Banco di Sicilia has parked a 2 pct stake with the bank's shareholder syndicate, whose overall stake rises to 31.45 pct from 29.45 pct. Members of the pact also agreed to extend the syndicate for three years to July 3, 2008. pw/vs/cml COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and the AFX Financial News logo are registered trademarks of AFX News Limited For more information and to contact AFX: www.afxnews.com and www.afxpress.com © 2010 AFX News |
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