by Luca Davi
Exclusive for the establishment of a new pole in e-money with FSI, the vehicle that today controls BccPay
2′ of reading
BancoBpm grants an exclusive right for the establishment of a new pole in the e-money sector with FSI, the vehicle which today controls BccPay. The bank’s plans thus envisage the creation of a joint venture, in the capital of which Piazza Meda will be able to enter with “a significant stake”: it is estimated that BancoBpm will re-enter the company with a stake of approximately 30%, similar to that of Iccrea, and the remaining 40% to FSI.
In the plans, the new partnership could lead to the creation of the “second-largest national operator, entirely controlled by Italian institutions”, explains the bank in a note, to which BancoBpm will contribute its activities in the e-money business: in exchange, a mixed consideration is envisaged in cash and in shares which is intended to generate benefits also in terms of capital. No figure has been disclosed by the bank but the market is thinking about a valuation of the e-money business between 500 and 600 million, between earn out and upfront payment.
In truth, BancoBpm quantifies the “net present value”, i.e. the valorisation potential, at over 2 billion euros: a figure which includes the discounting of the value of the net recurring commissions of the payments business over the next ten years, which amounted to approximately 140 million in 2022. One of the central points of the partnership is precisely to keep them at this level, in addition to a long-term exclusivity agreement and the introduction of mechanisms that would allow Banco to extract further value from the future growth of the business.
The choice of BancoBpm – which was in the air (see Il Sole 24Ore of last 30 May) – confirms the climate of harmony existing between Piazza Meda and the strategic fund, which is already present with 9% in the capital of Anima, the giant Italian asset management. The vehicle driven by Maurizio Tamagnini, who is assisted in the deal by Vitale&Co, won the competition from Worldline and above all Nexi, which seemed to remain in the game until the end.
For Fsi, yesterday’s is just the latest in a series of coups made in the world of Fintech and payment and digital. In April, the Fund said yes to entering the capital of Bancomat alongside the banks that are already shareholders and will subscribe up to 100 million euros, through a reserved capital increase, to become its first shareholder. But overall the total invested amounts to almost one billion with the aim of a transformative growth of Italian companies. In addition to BccPay, Tamagnini has focused on the Lynx system integrator, and then on core banking, investing in Cedacri and before that in Sia.
View on ilsole24ore.com
2023-07-11 19:56:29
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