Banca Ifis, Aigis and the Greensill bubo
What will happen to Greensill stocks, since the bad bank has an exposure of 30 million euros, funds that had been invested by Aigis?
The acquisition of Aigis Banca by Banca Ifis leaves unresolved questions, first of all that relating to the Greensill Capital shares, a London fund that bears the name of its founder. The operation of the last few days also saw the intervention of Fitd – Interbank Deposit Protection Fund , the consortium to which all Italian banks belong (with the exception of cooperative credit banks) and which aims to guarantee depositors through interventions against institutions subject to compulsory administrative liquidation and resolution procedures.
As Milano Finanza writes , Fitd – which intervened in the transaction with 48.8 million – and Ifis paid a symbolic price of one euro, which guarantees the absence of material impacts on capital ratios, asset quality and on the account economic group.
GREENSILL, THE CRAC OF MARCH AND THE QUESTION OF THE 30 MILLION
It remains to be understood – we said – what will happen to the Greensill securities, since the "bad bank" has an exposure of 30 million euros, funds that had been invested by Aigis in notes issued by Greensill, which however last March he had made a billionaire crash.
Greensill Capital's business was to buy invoices from customers and package them into financial products (so-called notes) that were resold on the market.
Bubbone of 30 million euros for the State due to the Greensill effect in Aigis Banca? Source: The Truth pic.twitter.com/GzDiORSSjL
– Michele Arnese (@Michele_Arnese) May 25, 2021
AIGIS, GREENSILL AND THE ROLE OF SANJEEV GUPTA
Returning to Aigis, it must be said that in its liquidation a role was also played by Sanjeev Gupta, a steel magnate known in Italy for Magona di Piombino and one of Greensill's main customers. In fact, it seems that in the Greensill notes in the hands of Aigis there are also invoices from Gfg Alliance, the Gupta group. And it doesn't stop there. According to an article in the Financial Times taken up by La Stampa , “Greensill would have advanced liquidity to Gfg in exchange for some sort of business promises to come, with counterparties sometimes in the dark. Last year Gupta himself, reports the FT, allegedly started negotiations to buy a "significant" stake in Gbm Banca, the old name of Aigis. The circumstance is reported in a document from Bafin, the German authority that was investigating Greensill Bank. And on the other hand, around 10 thousand of Aigis' 15 thousand customers are located in Germany ”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/banca-ifis-aigis-e-il-bubbone-greensill/ on Sun, 30 May 2021 13:45:52 +0000.