Because Banca Ifis prides itself on having ownership in Switzerland

28 December 20212 years ago babelfish

Banca Ifis announced that the controlling shareholder La Scogliera SpA (owner of 50.5% of the share capital) has communicated that the resolution to transfer the registered office of La Scogliera in the Canton of Vaud (Switzerland) is effective. All the real reasons for the move

Banca Ifis' largest shareholder moves to Switzerland and boasts of it. Here are all the details.

WHAT BANCA IFIS HAS COMMUNICATED ABOUT SCOGLIERA AND SWITZERLAND

Banca Ifis, a group active in specialty finance and listed on Euronext STAR Milan, announced yesterday that the controlling shareholder La Scogliera SpA (owner of 50.5% of the capital) announced that the resolution to transfer the registered office is effective of La Scogliera in the Canton of Vaud (Switzerland), approved by the shareholders' meeting of the same controlling shareholder last June.

THE TIMING OF THE TRANSFER

The transfer is expected to be completed by the end of January 2022, a note reads. In February 2022, on the occasion of the presentation of the 2022-2024 Business Plan, the Chief Executive Officer of Banca Ifis, Frederik Geertman , will communicate the net benefits and the expected effects.

THE DECLARATION OF THE VICE-PRESIDENT OF BANCA IFIS

"The transfer of the registered office of La Scogliera arises from the personal motivations of the president and allows, among other things, to keep the promise made in April 2019 for which an alternative operation to the reverse merger of La Scogliera into Banca Ifis would have been identified with equivalent effects from a prudential point of view ”, declared the vice president of Banca Ifis, Ernesto Furstenberg Fassio. “Today we have taken another important step in this direction and we are, moreover, aware of the benefits that can be achieved by the Banca Ifis group, in line with the attention to long-term growth of the controlling shareholder”, he added.

THE EQUITA REPORT

Equita analysts had highlighted Ifis's Cet1 at the end of the first quarter of 2021 equal to 11.8% with the consolidation in La Scogliera it would have been 16% on a stand-alone basis. Capital strengthening could give the bank greater strategic freedom.

THE ANALYSIS OF THE SUN 24 HOURS ON BANCA IFIS AND SWITZERLAND

Instead, there is family sentimentality in the choice according to the analysis of the Sole 24 Ore : “For the president of Banca Ifis, Sebastien Egon Fürstenberg, it is a return to his hometown. Because La Scogliera Spa, a company that controls Banca Ifis with a 50.5% stake, moves its registered office to Lausanne, in the Canton of Vaud: that is, to the Swiss city where Fürstenberg was born ", wrote the economic-financial newspaper of Confindustria: "But obviously the move, which was voted on by the shareholders last June, is not done only for sentimental reasons: with this change of headquarters in La Scogliera, as a result of European legislation, Banca Ifis potentially strengthens the own capital Cet 1. By bringing La Scogliera to Lausanne, therefore, the Bank is equipping itself with an additional quantity of “ammunition” to implement the development plan that will be announced in February. And given that the completion of the relocation of the headquarters is expected by the end of January 2022, the times coincide perfectly ”.

THE REAL REASONS OF BANCA IFIS

In fact, here are the real reasons for the decision to return to Switzerland by the main shareholder of Banca Ifis, sponsor among other things of Ferrero's Sampdoria: "It all stems from a European Union regulation that plans to include in the perimeter of the bank , for the purposes of calculating capital requirements, even the holding company – explained Il Sole 24 Ore – For Banca Ifis this has always been penalizing: taking for example the accounts of September 2021, the Cet 1 of Banca Ifis (i.e. the capital of the best quality) was at 11.68% by consolidating La Scogliera as required by European Union legislation, but it would have been 16.24% without this consolidation. Moving the registered office of La Scogliera in Switzerland means no longer having to consolidate it for the purposes of calculating capital requirements, and therefore means increasing the Cet 1. The actual benefits will be communicated in February by the managing director Frederik Geertman, but the premises are of everything respect".

HOW GOOD AND SUSTAINABLE IS BANCA IFIS

Perhaps even the trees will be happy, given that – as stated in Corriere Economia – “sustainability is at the heart of many corporate strategies and the initiative launched by Banca Ifis is precisely in the direction of the green transition. The bank will support two important reforestation projects, one in Veneto and one in Lombardy, with over 2,200 trees planted ”.

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-scogliera-svizzera/ on Tue, 28 Dec 2021 08:09:26 +0000.