Rolo Banca to merge with UniCredito Italiano SpA

Rolo Banca, a provider of commercial banking services, is to merge with UniCredito Italiano SpA in a deal valued at Euro4.6bn. UniCredito Italiano, which already owns 18.83% of Rolo Banca’s equity directly as well as 21.59% through a sub-holding called Credit Caraimonte, is to acquire the remaining 59.58% through the issue of 3.8 new UniCredito shares for each Rolo Banca share. Rolo Banca, which employs 9000 members of staff, has a distribution network that includes 900 branches. Rolo Banca recorded total assets of Euro94bn and shareholders’ equity of Euro5.9bn at the end of September 2001. UniCredito is the second largest bank in Italy with a market capitalisation of Euro21.1bn and provides retail, wholesale and investment banking services through its network of 4000 branches. By the end of September 2001, UniCredito had total assets of Euro208bn and shareholders’ equity of Euro9.2bn. The merger between the two banks, which is estimated to produce yearly gross synergies of Euro720m by 2004, is part of an overall restructuring plan, to be concluded by year-end 2002, which will result in the merger of the seven Italian commercial banking units of the UniCredito Group into UniCredito and the subsequent creation of three new national specialised banks, each active in a specific client segment (retail, wholesale and private banking). The closing of the transaction is subject to approval by the Extraordinary General Meeting of Rolo Banca shareholders (to take place in April 2002) and authorisation by the Italian banking supervisory authorities. Lehman Brothers is acting as financial advisor to Rolo Banca.

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• Topics
• Southern Europe
• Consumer