Banca del Fucino “took note with satisfaction of the decision of Mediocredito Centrale (MCC) to jointly initiate a period of exclusive negotiation on the terms and conditions of the sale of the 85.3% stake in Cassa di Risparmio di Orvieto, the subject of the trial event competitive that opened on October 14th. Banca del Fucino’s proposal, as expressed in the Mcc communication, was considered distinctive «both for its economic and financial content and for its industrial content». This is what we read in a note. Banca Fucino thus wins the tender to acquire the controlling stake in Cassa Orvieto held by Mediocredito Centrale thanks to governance guarantees: the Umbria bank will continue to be a subsidiary and will not be incorporated by the parent company Banca del Fucino. Radiocor made this known. The model is different from Banco Desio, the main competitor of the Roman bank chaired by Mauro Masi and led by CEO Francesco Maiolini in the competitive process initiated by the public bank led by Francesco Minotti. Banco Desio, when it acquired Popolare di Spoleto ten years ago, decided to merge the subsidiary. This is a decisive difference taking into account the presence of the minority shareholder, the Cassa Orvieto Foundation with its 15%, which does not intend to sell its stake and looks at the role of the bank in the territory. The third competitor in the race was CF (formerly Fonspa), the challenger bank without a physical branch network. The financial offers, as far as we know, were very close, but Fucino’s overall project was considered the best by the seller.
The economic offers increase the net worth of Cassa Orvieto (40 branches between Umbria and Lazio), which is equivalent to around 100 million. Banca Fucino, with 36 branches in Italy, has the heart of its network in Lazio and Abruzzo and, with Cassa Orvieto, is also expanding in Umbria, strengthening its roots in central Italy. The Banca del Fucino network has a strong complementarity with that of Orvieto. The operation will therefore allow the Banca del Fucino group to double its physical network. The operation obviously also had the green light from Invitalia, led by Bernardo Mattarella. The public company that controls Mcc is also the indirect controller of Cassa Orvieto, since the acquisition of controlling interest in the Umbrian institution from the other subsidiary, Popolare di Bari, took place with Mediocredito Centrale’s own resources.
Source: IL Tempo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
