Italy's Iccrea sells local paying agent business to Allfunds

Allfunds

04/12/2023 07:31

ROME, Dec 4 (Reuters) - Italy's Iccrea Banca has
completed the sale of its local paying agency business to fund
distribution firm Allfunds  ALLFG.AS , the two groups said in a
statement on Monday without disclosing the value of the deal. 
    The transaction, which was fully funded through Allfunds'
revolving credit facility, was closed on Dec. 1 and includes a
long-term exclusivity agreement. 
    The operation will strengthen Allfunds' position in the
local paying agent business in Italy and expand its partnership
with a leading Italian financial institution, the statement
said. 
    Iccrea Banca is the parent company of unlisted cooperative
bank BCC ICCREA, the second largest Italian banking group by
number of branches, after Intesa Sanpaolo.

 (Reporting by Alvise Armellini, editing by Federico Maccioni)
 ((alvise.armellini@thomsonreuters.com;))