ITALY - Sator becomes majority shareholder in Banca Profilo

The capital increase will be structured in two tranches: one EUR 30m tranche for the existing shareholders, guaranteed by Sator for the amount of EUR 15m; and a second tranche of between EUR 70-80m, without pre-emptive rights, reserved for Sator.

At the conclusion of the subscription period it is intended that Sator Private Equity Fund's holding will amount to no less than 51% of the Bank's share capital. The new shares will be issued at €0.20 per share for both tranches.

The transaction is part of a restructuring plan following the net loss of EUR 74m (of which EUR 47m is accoutned for by operating losses and EUR 27m by imparements and risk provisions), reported in the approved results for 2008.

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• Topics
• Expansion
• Southern Europe