Home » Business » Banca Agricola Popolare di Ragusa Acquiring Banca Popolare Sant’Angelo di Licata to Form Sicily’s Popular Banking Hub

Banca Agricola Popolare di Ragusa Acquiring Banca Popolare Sant’Angelo di Licata to Form Sicily’s Popular Banking Hub

It seems to have been made for the acquisition of Banca Popolare Sant’Angelo di Licata, with which Banca Agricola Popolare di Ragusa would constitute the popular banking hub of Sicily.

Some national newspapers defined her as Super Popular.

In fact, the deadlines for submitting binding offers to the advisors Prometeia and Studio Lexacta expired on Friday and that of the Ragusa bank was the only offer received.

The other two operators who had expressed interest in the merger with the Licata bank, Banca Popolare di Sondrio and the Mediocredito Central group, who did not submit offers, therefore disappeared.

The plan involves the merger through a paper-for-paper transaction, in which the two companies involved exchange shares as a form of payment for the acquisition, without recognizing cash payments.

The operation aims to save the Licata bank.

In fact, it was Bank of Italy, after a long inspection, that imposed a corporate and governance change on Banca Sant’Angelo, which also closed the 2023 budget in the red and which has not paid dividends to shareholders for many years.

Now the new phase of the negotiation will continue with Bapr alone, which will have to acquire all the necessary elements to arrive at an evaluation of the company which also includes the ‘risks’ as well as the active and passive components.

Banca Sant’Angelo, historically controlled by the Curella family, has 22 branches in the provinces of Agrigento, Caltanissetta, Palermo, and one in Rome.

At the head of the bank is Ines Curella, a member of the third generation, granddaughter of Angelo who founded it in 1920.

The bank will therefore maintain its legal nature as a ‘popular bank’, and will not become a joint-stock company, as would have happened if Sant’Angelo had been purchased by one of the other two groups in the running.

Bapr, with its 135 years of history, operates with 84 branches, in Ragusa, Catania, Syracuse, Messina, Enna, Palermo and one in Milan, and is led by the president Arturo Schininà, a well-known entrepreneur from Ragusa and by the general director Saverio Continella , from Acesi, who until 2018 directed Credito Siciliano, part of Creval, which then merged into Credit Agricole.

Press
2024-04-08 22:46:00
#Ragusa #Bapr #acquisition #Banca #SantAngelo #Sicilian #superbank

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