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Intesa offers to buy Veneto banks' good assets
June 21, 2017 / 1:53 PM / 6 months ago

Intesa offers to buy Veneto banks' good assets

MILAN, June 21 (Reuters) - Italy’s top retail bank Intesa Sanpaolo is offering to buy the good assets of two ailing Veneto-based lenders, stripped of all soured debts and legal risks, it said on Thursday.

Intesa said it would go ahead with the deal provided it had no impact on its capital ratios and its dividend policy.

“The potential transaction, therefore, rules out any capital increase for Intesa Sanpaolo,” it said in a statement.

The assets Intesa is willing to buy exclude all kinds of problematic loans, high-risk performing loans and subordinated bonds issued by the Veneto banks.

It also said a legislative framework was needed for the deal to be effective that ensured coverage of “integration and rationalisation charges, and the sterilisation of risks, obligations and claims against Intesa Sanpaolo due to events occurred prior to the sale or relating to assets/liabilities or relationships not included among those transferred.”

Reporting by Silvia Aloisi

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