Cariparma tables final offer for three Italian regional banks
Cariparma, an Italian bank owned by Credit Agricole [EPA:ACA], has tabled its final offer for Cassa di Risparmio di Cesena (Caricesena), Cassa di Risparmio di Rimini (Carim) and Cassa di Risparmio di San Miniato (Carismi) by the end of the month, according to the Italian-language daily Il Messaggero, which cited documentation relating to the offer.
The report said that the final offer contains some new elements, including a EUR 50m capital increase for Caricesena by the Fondo Volontario, a bank rescue unit of the Bank of Italy. Fondo Volontario presently holds 95.7% of Caricesena, the item noted.
The item cited Maioli as saying that he expected a deal to be inked on either 29 September while closing with the transfer of the banks to Cariparma's control is expected on 29 December.
The report noted that the deal is dependent on the securitision of non-performing loans totalling a gross EUR 3.152bn in order to remove the bad debt from the three lenders' books. The report said that an agreement on the securitisation of the NPL appears to have been found, with the EUR 416m senior tranche of the NPL portfolio being financed via a bridge loan. The report said that the rest of the securitisation consists of a t EUR 634m mezzanine tranche and a EUR 170m junior tranche.
The item added that Cariparma will agree to take the three lenders for 130 on the proviso that they are adequately capitalised.