Banca Intermobiliare attracts PE offers

The lender has received four binding offers including two from private equity houses Warburg Pincus and JC Flowers, alongside additional bids from asset management firm Attestor Capital and reinsurance group Barents RE. According to media reports, Attestor and Warburg Pincus have presented the highest offers for the 74% stake owned by Veneto Banca.

All four offers are understood to be below the target's market valuation, which stood at €168m according to several local reports. The offered valuations were reportedly affected by a €550m bad loan pile, including €400m of NPLs and €150m of sub-performing notes, in addition to unflattering results over the last two years.

After Veneto Banca entered into liquidation in June 2017, several investors showed interest in its wealth management asset BIM. In July 2017, the bank sold BIM Suisse to Banca Zarattin for a reported CHF 40.4m.

Lazard is running the auction process for Veneto Banca's share. Warburg Pincus is being advised by Rothschild and Bank of America Merrill Lynch, while Attestor is being advised by Italian law firm Vitale & Associati.

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• Topics
• Financials
• Southern Europe
• Italy
• Warburg Pincus
• JC Flowers