Intesa Sanpaolo, what will change with Poste in Eurizon Capital Real Asset
Poste Italiane has signed an agreement with Intesa Sanpaolo for the acquisition of 40% of Eurizon Capital Real Asset, an asset management company specializing in investments to support the real economy controlled by Eurizon Capital, the Asset management division of the Intesa Sanpaolo group. Here are all the details
Goodbye financial competition, full speed ahead towards synergies and collaborations.
This is the evolution of relations between Poste Italiane and the banking world, starting with Intesa Sanpaolo.
Here's what's new between the two groups.
Poste Italiane, through its subsidiaries Poste Vita and BancoPosta Fondi SGR, has signed an agreement with the Intesa Sanpaolo group, for the acquisition of 40% of the share capital of Eurizon Capital Real Asset SGR (" ECRA "), a company specialized in support of the real economy controlled by Eurizon Capital SGR, the Asset management division of the Intesa Sanpaolo group led by the CEO, Carlo Messina.
The Poste Italiane group will enter the capital of ECRA through the subscription of a dedicated paid capital increase.
HOW THE SHARE CAPITAL OF EURIZON CAPITAL REAL ASSET WILL CHANGE
At the end of the transaction, the composition of the share capital of ECRA – which currently has 51% Eurizon Capital SGR and 49% Intesa Sanpaolo Vita – will consist of a 40% stake in the Poste Italiane group, of which 24.50 % with voting rights, by Intesa Sanpaolo Vita for 40% of the share capital, of which 24.50% of shares with voting rights, and by Eurizon for 20% of the share capital, corresponding to 51% of the share capital with voting rights.
THE MASSES REMAIN IN THE EURIZON FINANCIAL STATEMENTS
The assets under management will be fully attributable to Eurizon in whose financial statements ECRA will remain 100% consolidated, reads a joint note from the two companies.
THE CLOSING OF THE OPERATION
The closing of the transaction, subject to obtaining the authorizations from the supervisory authorities, is expected by the end of the year.
THE SYNERGIES
The partnership will enhance the skills of the Poste Italiane group and the Intesa Sanpaolo group in the sector, together with Eurizon's capabilities in the institutional and private banking market, the two companies say.
WHAT DOES ECRA SGR
Eurizon Capital Real Asset (ECRA) – led by CEO Silvana Chilelli – is the SGR created as a joint venture between Eurizon and Intesa Sanpaolo Vita, with assets under management of approximately € 4 billion. The company, among the growth pillars of the Asset Management Division of the 2018-2021 Business Plan of the Intesa Sanpaolo group, has created a center of distinctive competence in investments in the real economy (infrastructures, financing and investments in company capital, etc. .).
WHAT WILL CHANGE WITH THE ENTRANCE OF ITALIAN POSTE
With the entry of Poste Italiane, ECRA will become the main platform for this type of investment in Italy, capable of attracting resources also from other institutional investors and contributing to the relaunch of private investments in the economy, the statement reads.
THE ROLE OF POSTE VITA
Poste Vita will entrust ECRA with an investment mandate by accessing a global platform and developing an integrated management model along the entire life cycle of the investment, certifies the group led by CEO, Matteo Del Fante.
THE NUMBERS OF THE OPERATION
The mandate will have a value of approximately € 2.5 billion, which will bring ECRA's assets to over € 6.5 billion.
WHAT POSTE ITALIANE SAYS
For Poste Italiane, the agreement is consistent with the “24SI” Strategic Plan, providing for the combination of commercial partnership and financial participation in innovative projects. The alliance will also contribute to the diversification of Poste Vita's investment portfolio.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/intesa-sanpaolo-che-cosa-cambiera-con-poste-in-eurizon-capital-real-asset/ on Wed, 14 Jul 2021 10:26:13 +0000.