Italy's Banca Ifis buys Aigis Banca business unit

IFIS Japan

23/05/2021 18:19

ROME, May 23 (Reuters) - Italy's Banca Ifis said on Sunday
it had purchased at a symbolic price of 1 euro ($1.22) a unit of
specialist lender Aigis Banca, which was being liquidated
following its exposure to Greensill Bank AG. 
    "The intervention of Banca Ifis will protect the savings of
retail customers, guarantee continuity of finance to businesses
and safeguard jobs," Banca Ifis Chief Executive Frederik
Geertman said in a statement.
    The assets included in the unit are approximately equal to
5% of Ifis' total assets at end-March, for corresponding
risk-weighted assets (RWA) of around 100 million euros, the
statement added. 
    Securities related to Greensill Bank AG in a state of
insolvency, tax assets and subordinate loan issues by
Milan-based Aigis are not part of the acquisition, Ifis said. 
    The price paid by Ifis, along with 48.8 million euros in
funding by Italy's depositor protection fund FITD, guarantee
that there will be no impact on Ifis' CET1 ratio, its asset
quality ratios and income statement.
    
    ($1 = 0.8211 euros)

 (Reporting by Giulia Segreti; Editing by Jan Harvey)
 ((Giulia.Segreti@tr.com; +39.06.80307714;))