Credito Valtellinese banking Group and Gruppo Banca Popolare di Cividale formalize cooperation agreement
Cividale del Friuli (Udine) Wed. May 5, 2004 - At a press conference held today inside Sala Mosaico at the regional council of Friuli, in Udine, in the presence of the President of the Region Friuli-Venezia Giulia Riccardo Illy, the Chairman of Credito Valtellinese, Giovanni De Censi, and the Chairman of Gruppo Banca Popolare di Cividale Lorenzo Pelizzo, Credito Valtellinese banking Group and Gruppo Banca Popolare di Cividale have formalized the cooperation agreement already signed and announced to the market on February 6, 2004.
Under this agreement, the Credito Valtellinese Group will take a minority equity stake of 22.22% in Banca di Cividale S.p.A., through a reserved capital increase of € 68 million.
The co-operation between the parties is intended to achieve business objectives, ranging from an increase in profits to growth opportunities for Banca di Cividale S.p.A., which has recently been developing its banking network in the home territory, the Venetian area and in neighbouring countries in Eastern Europe.
At today's meeting the two Groups have also formalized the acquisition by Banca Popolare di Cividale of a minority equity stake of 5% in Banca dell' Artigianato e dell'Industria S.p.A. (BAI, Credito Valtellinese banking Group member bank). This stake will be first increased to 9.86% pursuant to payment of 4.7 million euros by Banca Popolare di Cividale, and can possibly be increased up to 30% following the approval by the Boards of Directors of the parties.
The acquisition is intended to set up a new common initiative, the so- called 'Progetto Veneto', which will enable the BAI to extend its banking network in the region Veneto.
The strategic partnership with Banca Popolare di Cividale S.c.a.r.l. will help complement the existing network of Credito Valtellinese by covering a high industrialized area in the Italian North-East district. Gruppo Banca Popolare di Cividale, in its turn, will be able to strengthen its presence in its home territory.
