Credito Valtellinese and Banca Tercas - Cassa di Risparmio della provincia di Teramo - launch a strategic partnership
17 April 2007 - On today's date non-binding letters of intent were signed by Credito Valtellinese S.c. (Parent Bank of the banking group of the same name), on the one hand, and Fondazione Cassa di Risparmio della provincia di Teramo and Banca Tercas - Cassa di Risparmio della provincia di Teramo S.p.A. (Parent Bank of the same banking group), on the other, launching a far-reaching strategic partnership.
The goal of the project is to devise and implement a common policy governing product factories and production capable of maintaining the legal and functional autonomy of the parties involved and allowing the two banking groups to achieve growth in line with their respective independent strategic guidelines.
In further detail, the letter of intent calls for the Credito Valtellinese Group to acquire a stake in Banca Tercas, initially a 15.01% minority interest to be purchased prior to 31 July 2007 and to be increased at a later date up to a maximum of 20%, with the goal of supporting the growth of the bank's business, which is based in the Abruzzo region, including through specific commercial agreements with the Credito Valtellinese Group and industrial partnership agreements.
The operation is contingent on authorisation by competent Supervisory Authorities and the concurrent signature of the Master Agreement no later than 31 July 2007, along with the Shareholders' Agreements between Credito Valtellinese and Fondazione Cassa di Risparmio della provincia di Teramo, the final terms and conditions of which will be submitted for the approval of the competent bodies.
The partnership agreement, in line with the non-organic growth objectives set out in the 2007-2010 Strategic Plan recently approved by the Board of Directors, will allow the Credito Valtellinese Group to increase its presence in Italian territory by developing an operating partnership with another bank that also boasts deep local roots and shows care for the development and growth of the local economies in areas where it operates.
Likewise, Banca Tercas also believes that this agreement will allow it to achieve cost and revenue synergies in faster and more effectively through the improvement of its production processes and implementation of its product portfolio. Furthermore, the agreement may also provide valuable support to its industrial and technological development in the form of the knowledge acquired from Credito Valtellinese Group, allowing the bank to reach the objectives set in its three-year plan earlier.
Banca Tercas has a network of more than 100 branches, mostly located in the Abruzzo and Marche regions, and has approximately 800 employees.
The Credito Valtellinese Group has more than 370 branches and 3,300 employees.
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