The cost of money in the euro zone returned to zero in July after traveling for years at negative rates (-0.5%) and is expected to be raised by another half a percentage point in September. Banks have therefore started to increase their mortgage and loan costs, and are now starting to offer in parallel remunerated current accounts at attractive rates.
An example comes from the Northeast, where cherry banka new credit institution created in March by the merger of the servicer Cerise 106 spa in the Banco delle Tre Venezieoffers new customers a digital current account linked to an escrow account where they can choose from 7 different maturities. The term of 60 months is remunerated by a gross interest rate of 3.2%. from which 27% tax must then be deducted. In comparison, the 10-year Btp yields 3%.
If, for example, you hold 100,000 euros in depositafter one year, the gross interest is 3,200 euros, from which 864 euros in taxes must be subtracted, giving a net return of 2,336 euros. Current accounts and deposit accounts are protected by law up to an amount of 100,000 euros in the event of difficulties within the bank.
The bank is headed by CEO Bossi, former CEO of Ifis.
Cherry Bank, led by Giovanni Bossi, former CEO of Banca Ifis from 1995 to 2019.which holds the relative majority of the group, is the result of the merger with Banco Tre Venezie: the former shareholders of Banco delle Tre Venezie now hold 49% of the capital of the post-merger bank, while the former shareholders of Cherry 106 hold some 51%.
The Cherry 106 spa was the old Cassiopeia Npla financial intermediary registered with the Bank of Italy, of which Bossi had acquired 65% in November 2019. In 2020, the company then increased its workforce in its three offices in Rome, Milan and Padua and expanded its areas of activity, after the sectors of… Npl and the technology applied to credit (Cherry Bit, the artificial intelligence platform developed by Cherry srl, also founded in 2020 by Giovanni Bossi), legal services were added with the creation of the company between lawyers. Cherry Legal and the purchase and sale of tax credits, thanks to the launch, with bpm bankfintech platform SuperB Cerise106dedicated to the purchase of tax credits for improving energy efficiency: superbonus, ecobonus, sismabonus.
Cherry Bank ended 2021 with customer deposits of EUR 695 million, while equity stood at EUR 44.2 million. The net profit was 11.7 million euros, but after the accounting entries relating to the combination with Cherry, the result recorded a loss of 1.2 million euros. ()
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