DOCSLIB.ORG

XS1963834251.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
XS1963834251.Pdf UNICREDIT S.p.A. (incorporated with limited liability as a Società per Azioni in the Republic of Italy under registered number 00348170101) Issue of €1,000,000,000 Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable Notes Issue Price: 100 per cent. The €1,000,000,000 Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable Notes (the Notes) will be issued by UniCredit S.p.A. (the Issuer or UniCredit). The Notes will constitute direct, unsecured and subordinated obligations of the Issuer, as described in Condition 4 (Status of the Notes) in “Terms and Conditions of the Notes” and will be governed by, and construed in accordance with, Italian law, as described in Condition 17 (Governing Law and Jurisdiction) in “Terms and Conditions of the Notes”. The UniCredit banking group is registered with the Register of Banking Groups held by the Bank of Italy pursuant to Article 64 of Legislative Decree No. 385 of 1 September 1993, as amended (the Italian Banking Act) under number 02008.1 (the Group or the UniCredit Group). The Notes will bear interest on their Prevailing Principal Amount (as defined in Condition 2 (Definitions and Interpretation) in “Terms and Conditions of the Notes”), payable (subject to cancellation as described below) semi-annually in arrear on 3 June and 3 December in each year (each an Interest Payment Date), as follows: (i) in respect of the period from (and including) 19 March 2019 (the Issue Date) to (but excluding) 3 June 2026 (the First Call Date) at the rate of 7.5 per cent. per annum, and (ii) in respect of each period from (and including) the First Call Date and every fifth anniversary thereof (each a Reset Date) to (but excluding) the next succeeding Reset Date (each such period, a Reset Interest Period), at the rate per annum, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions, equal to the aggregate of 7.334 per cent. per annum (the Margin) and the 5-year Mid-Swap Rate (as defined in “Terms and Conditions of the Notes”) for the relevant Reset Interest Period. The Issuer may elect in its full discretion to cancel (in whole or in part) the Interest Amounts otherwise scheduled to be paid on any Interest Payment Date. Further, payment of Interest Amounts on any Interest Payment Date must be cancelled (in whole or, as the case may be, in part) in the circumstances described in Condition 5 (Interest and Interest Cancellation) in “Terms and Conditions of the Notes”. The cancellation of any Interest Amounts shall not constitute a default for any purpose on the part of the Issuer. Interest on the Notes is not cumulative and any Interest Amounts that the Issuer elects not to pay or is prohibited from paying will not accumulate or compound and all rights and claims in respect of such amounts shall be fully and irrevocably forfeited, and no payments shall be made, nor shall any Noteholder be entitled to any payment or indemnity in respect thereof. See Condition 5 (Interest and Interest Cancellation) in “Terms and Conditions of the Notes”. Further, during the period of any Write- Down pursuant to Condition 6 (Loss Absorption and Reinstatement of Principal Amount) in “Terms and Conditions of the Notes”, as described below, interest will accrue on the Prevailing Principal Amount of the Notes which shall be lower than the Initial Principal Amount unless the Notes have subsequently been Written-Up in full. The principal amount of each Note may be Written Down on a pro rata basis with the other Notes and taking into account the at least pro rata write-down (or write-off) or conversion into Ordinary Shares of any other Equal Loss Absorbing Instruments (and taking into account the write-down (or write-off) or conversion of any Prior Loss Absorbing Instruments), as described in Condition 6 (Loss Absorption and Reinstatement of Principal Amount) in “Terms and Conditions of the Notes”, if, at any time, the Common Equity Tier 1 Capital Ratio of the Issuer or the UniCredit Group falls below 5.125 per cent. or, in each case, the then minimum trigger event ratio for loss absorption applicable to Additional Tier 1 Capital instruments specified in the Relevant Regulations (excluding any guidelines or policies of non- mandatory application) applicable to the Issuer and/or the UniCredit Group (all as defined in Condition 2 (Definitions and Interpretation) in “Terms and Conditions of the Notes”). Noteholders may lose some or all of their investment in the Notes as a result of such a Write-Down. Following any such reduction, the Issuer may, in its full discretion and subject to the Maximum Distributable Amount (if any) not being exceeded thereby, increase the Prevailing Principal Amount of the Notes up to a maximum of the Initial Principal Amount, on a pro rata basis with the other Notes and with other Written-Down Additional Tier 1 Instruments, if the Issuer records positive Net Income or, to the extent permitted by the then prevailing Relevant Regulations, positive Consolidated Net Income (all as defined in Condition 2 (Definitions and Interpretation) in “Terms and Conditions of the Notes”), subject to certain further conditions. See Condition 6 (Loss Absorption and Reinstatement of Principal Amount) in “Terms and Conditions of the Notes”. Unless previously redeemed or purchased and cancelled as provided in “Terms and Conditions of the Notes”, the Notes will mature on the date on which voluntary or involuntary winding up, dissolution, liquidation or bankruptcy (including, inter alia, Liquidazione Coatta Amministrativa) proceedings are instituted in respect of the Issuer, in accordance with (a) a resolution of the shareholders’ meeting of the Issuer, (b) any provision of the by-laws of the Issuer (currently, the maturity of the Issuer is set in its by-laws at 31 December 2100) or (c) any applicable legal provision or any decision of any judicial or administrative authority. Noteholders do not have the right to call for the redemption of the Notes. Upon maturity, the Notes will become due and payable at an amount equal to their Prevailing Principal Amount together with any accrued interest and any additional amounts due pursuant to Condition 9 (Taxation). The Issuer may, at its sole discretion (but subject to the provisions of Condition 7.8 (Conditions to redemption and purchase) in “Terms and Conditions of the Notes”), redeem the Notes in whole, but not in part, on any Optional Redemption Date (Call) at their Prevailing Principal Amount (all as defined in Condition 2 (Definitions and Interpretations) in “Terms and Conditions of the Notes”), plus any accrued interest and any additional amounts due pursuant to Condition 9 (Taxation) in “Terms and Conditions of the Notes”. The Issuer may also, at its sole discretion (but subject to the provisions of Condition 7.8(Conditions to redemption and purchase) in “Terms and Conditions of the Notes”), redeem the Notes in whole, but not in part, at any time at their Prevailing Principal Amount upon the occurrence of a Capital Event or a Tax Event (all as defined in Condition 2 (Definitions and Interpretations) in the “Terms and Conditions of the Notes”) plus any accrued interest and any additional amounts due pursuant to Condition 9 (Taxation) in “Terms and Conditions of the Notes”. Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 (the Luxembourg Act) on prospectuses for securities to approve this document as a prospectus. The CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by this Prospectus or the quality or solvency of the Issuer in accordance with Article 7(7) of the Luxembourg Act. Application has also been made to the Luxembourg Stock Exchange for the listing of the Notes on the Official List of the Luxembourg Stock Exchange and admission to trading on the professional segment of the Luxembourg Stock Exchange's regulated market. The Luxembourg Stock Exchange’s regulated market is a regulated market for the purposes of Directive 2014/65/EC, as amended or superseded (MiFID II). This Prospectus (together with any documents incorporated by reference herein) is available on the Luxembourg Stock Exchange website (www.bourse.lu). Payments of interest or other amounts relating to the Notes may be subject to a substitute tax (referred to as imposta sostitutiva) of 26 per cent. in certain circumstances. In order to obtain exemption at source from imposta sostitutiva in respect of payments of interest or other amounts relating to the Notes, each Noteholder not resident in the Republic of Italy is required to comply with the deposit requirements described in "Taxation – Taxation in the Republic of Italy" and to certify, prior to or concurrently with the delivery of the Notes, that such Noteholder is, inter alia, (i) resident in a country which recognises the Italian tax authorities' right to an exchange of information pursuant to terms and conditions set forth in the relevant treaty (such countries are listed in the Ministerial Decree of 4 September 1996, as amended by Ministerial Decree of 23 March 2017 and possibly further amended by future decrees issued pursuant to Article 11(4)(c) of Decree No. 239 of 1 April 1996 (as amended by Legislative Decree No. 147 of 14 September 2015)) and (ii) the beneficial owner of payments of interest, premium or other amounts relating to the Notes, all as more fully set out in “Taxation – Taxation in the Republic of Italy” on page 136. Amounts payable under the Notes are calculated by reference to the annual mid-swap rate for euro swaps with a term of five years which appears on Bloomberg screen “EUAMDB05 Index” as of 11:00 a.m.
Load more

Recommended publications
  • Press Release Intesa Sanpaolo
    PRESS RELEASE INTESA SANPAOLO: CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2017 STATED NET INCOME FOR 9M 2017 WAS €5,888 MILLION AND INCLUDED THE €3.5 BILLION PUBLIC CASH CONTRIBUTION OFFSETTING THE IMPACT ON THE CAPITAL RATIOS DERIVING FROM THE ACQUISITION OF OPERATIONS OF BANCA POPOLARE DI VICENZA AND VENETO BANCA. NET INCOME WAS €2,469 MILLION EXCLUDING THE AFOREMENTIONED PUBLIC CONTRIBUTION AND THE IMPACT OF THE OPERATIONS ACQUIRED AND €3,108 MILLION EXCLUDING, IN ADDITION, LEVIES AND OTHER CHARGES CONCERNING THE BANKING INDUSTRY. THE NET CAPITAL GAIN OF AROUND €800 MILLION FROM THE DISPOSAL OF ALLFUNDS, WHICH WAS SIGNED IN Q1, IS TO BE BOOKED IN Q4 2017. THE CAPITAL BASE WAS STRONG AND WELL ABOVE REGULATORY REQUIREMENTS, EVEN UNDER THE ADVERSE SCENARIO OF THE STRESS TEST: PRO-FORMA FULLY LOADED COMMON EQUITY RATIO WAS 13.4%, NET OF ACCRUED DIVIDENDS. RESULTS WERE IN LINE WITH THE COMMITMENT MADE IN THE BUSINESS PLAN TO DISTRIBUTE €3.4 BILLION CASH DIVIDENDS FOR 2017. GROSS INCOME INCREASED SIGNIFICANTLY IN 9M 2017 (UP 16.2% ON 9M 2016 EXCLUDING THE AFOREMENTIONED PUBLIC CONTRIBUTION AND THE IMPACT OF THE OPERATIONS ACQUIRED) REFLECTING THE TWIN STRENGTHS OF INTESA SANPAOLO’S BUSINESS MODEL – REVENUE GENERATION ENHANCED BY FEE GROWTH, AND A HIGH LEVEL OF EFFICIENCY – AND THE IMPROVING TREND OF CREDIT QUALITY. THE CREDIT QUALITY TREND IMPROVED. THE PAST 24 MONTHS RECORDED AN €11 BILLION GROSS NPL STOCK REDUCTION, WHICH WAS ACHIEVED AT NO EXTRAORDINARY COST TO SHAREHOLDERS. IN Q3 2017, GROSS NPL INFLOW FROM PERFORMING LOANS WAS AT ITS LOWEST SINCE THE CREATION OF INTESA SANPAOLO.
    [Show full text]
  • April 12Th 2021 Cleansing Statement
    NEXI S.P.A. Corso Sempione 55 20149, Milan Italy PRESS RELEASE Milan (Italy)—April 12, 2021 Nexi S.p.A., a società per azioni incorporated under the laws of Italy (“Nexi” or the “Issuer”), announced today that it it intends to offer approximately €2,100 million in aggregate principal amount of unsecured Senior Notes consisting of Senior Notes due 2026 and Senior Notes due 2029 (collectively, the “Notes”). In connection with the offering of the Notes, the Issuer disclosed certain information, including certain pro forma financial information and non-GAAP financial information of the Issuer, Nets Topco 2 S.à r.l. and its subsidiaries and SIA S.p.A. and its subsidiaries as of and for the years ended December 31, 2020 and 2019, to prospective holders of the Notes. A copy of such information is hereby disclosed to the Issuer’s shareholders and to the holders of the Issuer’s existing indebtedness and is attached hereto as Exhibit A (the “Information Release”). The Notes will be offered only to non-U.S. persons outside the United States in connection with offshore transactions complying with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws. **************** This announcement contains information that prior to its disclosure may have constituted inside information under European Union Regulation 596/2014 on market abuse.
    [Show full text]
  • European Financial Congress1 in Relation to the Financial Stability Board’S Call for Public Feedback on the Effects of the Too-Big-To-Fail (TBTF) Reforms for Banks2
    Answers of the European Financial Congress1 in relation to the Financial Stability Board’s call for public feedback on the effects of the too-big-to-fail (TBTF) reforms for banks2 Methodology for preparing the answers The answers were prepared in the following stages: Stage 1 A group of experts from the Polish financial sector were invited to participate in the survey. They were sent the FSB’s consultation questions. The experts were guaranteed anonymity. Stage 2 The European Financial Congress received responses from experts representing: commercial banks, regulatory bodies, consulting firms and the academia. Stage 3 The survey project coordinators from the European Financial Congress prepared a draft synthesis of opinions submitted by the experts. The draft synthesis was sent to the experts participating in the survey with the request to mark the passages that should be modified in the final position and to propose modifications and additions as well as marking the passages they did not agree with. Stage 4 On the basis of the responses received, the final version of the European Financial Congress’ answers was prepared. 1 European Financial Congress (EFC – www.efcongress.com). The EFC is a think tank whose purpose is to promote debate on how to ensure the financial security and sustainable development of the European Union and Poland. 2 https://www.fsb.org/wp-content/uploads/R230519.pdf https://www.fsb.org/wp-content/uploads/P230519.pdf Answers of the European Financial Congress 1. To what extent are TBTF reforms achieving their
    [Show full text]
  • 9 Ottobre, 2019 Nexi Spa, Una Società Per Azioni Di Diritto Italiano
    NEXI S.P.A. Corso Sempione 55 20149, Milano CLEANSING STATEMENT Milano — 9 ottobre, 2019 Nexi S.p.A., una società per azioni di diritto italiano (“Nexi” o la “Società”), ha annunciato oggi l’emissione di prestiti obbligazionari “Senior Notes”, in una o piú tranche, di importo pari a €825.000.000 con scadenza 2024 e/o 2027 (le “Notes”). Nel corso dell’emissione, la Società ha divulgato informazioni a potenziali acquirenti, inclusi dati finanziari pro forma e informazioni finanziarie non-GAAP per l’esercizio finanziario della Società al 31 dicembre 2018 e per i sei mesi al 30 giugno 2018 e 2019. Si divulgano con la presente dette informationi agli azionisti e ai detentori dei prestiti obbligazionari “Senior Secured Fixed Rate Notes” di importo pari a Euro 825.000.000, con cedola semestrale a tasso fisso del 4,125% p.a. e scadenza 1 novembre 2023 e se ne allega copia come Allegato A (l’“Information Release”). Le Notes sono destinate solamente a collocamento riservato ad investitori istituzionali che non siano “U.S. Persons” (come definite secondo la Regulation S dello Securities Act del 1933, come di volta in volta modificato, il “Securities Act”) e che si trovino al di fuori degli Stati Uniti ai sensi della Regulation S dello Securities Act. Le Notes non sono state soggetto a registrazione ai sensi del Securities Act o di altre leggi applicabili, e non possono essere offerte o acquistate negli Stati Uniti senza registrazione o senza una esenzione dai requisiti di registrazione conformemente al Securities Act e ad altre leggi applicabili.
    [Show full text]
  • Bank Liquidation in the European Union: Clarification Needed
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Merler, Silvia Research Report Bank liquidation in the European Union: Clarification needed Bruegel Policy Contribution, No. 2018/01 Provided in Cooperation with: Bruegel, Brussels Suggested Citation: Merler, Silvia (2018) : Bank liquidation in the European Union: Clarification needed, Bruegel Policy Contribution, No. 2018/01, Bruegel, Brussels This Version is available at: http://hdl.handle.net/10419/208008 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Policy Contribution Issue n˚01 | January 2017 Bank liquidation in the European Union: clarification needed Silvia Merler Executive summary Under the current European Union frameworks for dealing with banking problems, Silvia Merler (silvia. resolution of banks is seen as an exception to be activated only if liquidation under national [email protected]) is a insolvency proceedings would not be warranted.
    [Show full text]
  • Fixed Income Investor Presentation October 2019 We Look to the Future by Changing the Present Who We Are
    Fixed Income Investor Presentation 2019 October We look to the future by changing the present Who we are Our proven track record in Who we are NPE management We are 100% owned by the Italian Ministry of Economy We start to manage the former Banco di and Finance (MEF), with a solid 1996 Napoli’s NPE portfolio capital structure We are a full credit We receive Fitch Special Servicer Rating management company and a 2017 (RSS2-, CSS2- e ABSS2-), confirming partner for all our stakeholders high-level performance in the recovery of in a competitive market residential and corporate loans We are a fast growing We become one of the main players in the company, completing the new 2018 Italian NPE market, thanks to the acquisition set up and changing our name of ~€18bn of impaired loans from Veneto to AMCO banks in compulsory liquidations (LCA) We enter the global debt capital markets We manage €20.6bn NPE and with: (1) the first bond offering in February ~110.000 counterparties 2019 (€250m) and (2) the first benchmark issuance in October (€600m) 2 We changed our name to AMCO “We look to the future by changing the present.” “We value our 20 year old track record.” “We innovate, investing in technology and human capital.” “We offer new opportunities to our counterparties.” to play a role in the Italian NPE Our mission is: market for all our stakeholders to maximize the performance Our objective is: of portfolios under management 3 AMCO: key investment highlights 100% owned by the Italian Ministry of Economy and 1 Finance (MEF) 2 Investment grade rated by S&P and Fitch 3 A fast growing and scalable company Aiming to play a role in the solution of the NPE 4 problem in Italy 5 Simple B/S structure and strong capital position confirmed in 1H2019 results 4 1 100% owned by the Italian MEF We are a Financial Intermediary ex art.106 TUB: we recover, manage and invest in NPEs and lend to counterparties Our activity is regulated and supervised Bank of Italy regulates and supervises the Financial intermediaries We operate in the 100% ex art.
    [Show full text]
  • Bank Restructuring and Resolution in Italy (2015- 2016): Lessons from Recent Italian Regulatory Experiences
    Droit bancaire et financier Chronique Bank Restructuring and Resolution in Italy (2015- 2016): Lessons from Recent Italian Regulatory Experiences Marco LAMANDINI1 Giuseppe LUSIGNANI2 David RAMOS MUNOZ3 ........................................................................................................................................................................................... Summary règles adoptées en Italie ; 6.- Cinquième volet : un 1.- Crises in context: a brief preamble; 2.- Act One: nouveau Fonds de solidarité et une nouvelle législa- The first banking package on significant cooperative tion établissant un programme de garantie italien banks (“banche popolari“) and their compulsory pour les prêts non productifs titrisés et imposant l’af- transformation of legal form into joint stock compa- filiation des coopératives de crédit à un groupe ; 7.- nies; 3.- Act Two: Implementation of CRD IV/CRR and Sixième volet : échec de l’augmentation de capital the new prudential framework; 4.- Act Three: Imple- de la Banca popolare di Vicenza, son redressement mentation of BRRD; 5.- Act Four: November 2015 4 grâce au Fonds Atlante italien (avec une faible banks resolution under the newly enacted Italian marge de manœuvre) et le décret-loi n° 59 du rules; 6.- Act Five: A new solidarity fund and a new 3 mai 2016 ; 8.- Et ensuite ? La première fusion entre year law establishing an Italian guarantee scheme la Banco Popolare et BPM, la saga Veneto Banca et for securitised NPLs and mandating the affiliation of certaines conclusions préliminaires sur le fantôme Italian credit unions to a group; 7.- Act Six: Banca de l’opéra. popolare di Vicenza failed capital increase, its resur- rection through an Italian Atlas (with narrow shoul- ders) and Law Decree No 59 of 3 May 2016; 8.- What 1.
    [Show full text]
  • XS1739839998.Pdf
    UNICREDIT S.p.A. (incorporated with limited liability as a Società per Azioni in the Republic of Italy under registered number 00348170101) Issue of €1,000,000,000 Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable Notes Issue Price: 100 per cent. The €1,000,000,000 Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable Notes (the Notes) will be issued by UniCredit S.p.A. (the Issuer or UniCredit). The Notes will constitute direct, unsecured and subordinated obligations of the Issuer, as described in Condition 4 (Status Of The Notes) in “Terms and Conditions of the Notes”. The UniCredit banking group is registered with the Register of Banking Groups held by the Bank of Italy pursuant to Article 64 of Legislative Decree No. 385 of 1 September 1993, as amended (the Italian Banking Act) under number 02008.1 (the Group or the UniCredit Group). The Notes will bear interest on their Prevailing Principal Amount (as defined in Condition 2 (Definitions and Interpretation) in “Terms and Conditions of the Notes”), payable (subject to cancellation as described below) semi-annually in arrear on 3 June and 3 December in each year (each an Interest Payment Date), as follows: (i) in respect of the period from (and including) 20 December 2017 (the Issue Date) to (but excluding) 3 June 2025 (the First Call Date) at the rate of 5.375 per cent. per annum, and (ii) in respect of each period from (and including) the First Call Date and every fifth anniversary thereof (each a Reset Date) to (but excluding) the next succeeding Reset Date (each such period, a Reset Interest Period), at the rate per annum, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions, equal to the aggregate of 4.925 per cent.
    [Show full text]
  • Consolidated Results As at 30 June 2021
    PRESS RELEASE INTESA SANPAOLO: CONSOLIDATED RESULTS AS AT 30 JUNE 2021 THE RESULTS FOR H1 2021 CONFIRM INTESA SANPAOLO’S ABILITY TO EFFECTIVELY FACE THE CHALLENGING AFTERMATH OF THE COVID-19 EPIDEMIC AND ARE FULLY ON TRACK TO DELIVER A FULL- YEAR NET INCOME OF MINIMUM €4 BILLION. THE RESULTS FOR H1 2021 REFLECT INTESA SANPAOLO’S SUSTAINABLE PROFITABILITY DERIVING FROM A SOLID CAPITAL BASE AND LIQUIDITY POSITION, A RESILIENT AND WELL-DIVERSIFIED BUSINESS MODEL, STRATEGIC FLEXIBILITY IN MANAGING OPERATING COSTS AND ASSET QUALITY. THESE FEATURES HAVE MADE IT POSSIBLE TO EFFECTIVELY MITIGATE THE IMPACT OF THE ADVERSE SCENARIO OF THE 2021 EBA/ECB STRESS TEST AND ARE REFLECTED IN A LOW RISK PROFILE BOLSTERING THE SUPPORT PROVIDED TO ITALY BY THE GROUP, WHICH IS ALSO COMMITTED TO BECOMING A REFERENCE MODEL IN TERMS OF SUSTAINABILITY AND SOCIAL AND CULTURAL RESPONSIBILITY. VALUE GENERATION FOR ALL STAKEHOLDERS WILL BE ACCRETED BY SYNERGIES ESTIMATED AT OVER €1 BILLION DERIVING FROM THE MERGER OF UBI BANCA, SUCCESSFULLY COMPLETED WITH NO SOCIAL COSTS, AND BY OVER €6 BILLION IN 2020 AND OVER €300 MILLION IN H1 2021, BOTH OUT OF PRE-TAX PROFIT, DEVOTED BY THE GROUP TO FURTHER STRENGTHENING THE SUSTAINABILITY OF RESULTS. INTESA SANPAOLO’S INITIATIVES TO FACE THE COVID-19 IMPACTS: - PROVIDING SAFE CONDITIONS FOR THE GROUP PEOPLE AND CUSTOMERS; - SUPPORTING HEALTHCARE INITIATIVES WITH MORE THAN €100 MILLION DONATED; - PROVIDING €150 MILLION FROM THE FUND FOR IMPACT (EQUAL TO 50%) TO REDUCE SOCIO-ECONOMIC DISTRESS; - FIRST BANK IN ITALY TO SUSPEND MORTGAGE AND LOAN INSTALMENTS EVEN BEFORE THE SPECIFIC REGULATION CAME INTO FORCE (SUSPENSIONS OF PAYMENTS FOR €109 BILLION APPROVED TO DATE), AND TO SIGN THE COLLABORATION PROTOCOL WITH SACE, THUS PROVIDING IMMEDIATE SUPPORT TO ENTERPRISES UNDER THE LIQUIDITY DECREE (€39.5 BILLION INCLUDING THE SME FUND GRANTED TO DATE); - UP TO €50 BILLION IN NEW LOANS MADE AVAILABLE TO ENTERPRISES AND PROFESSIONALS TO PROTECT JOBS AND MANAGE PAYMENTS DURING THE EMERGENCY.
    [Show full text]
  • Veneto Banca 19 May 2016 Italy Like a Phoenix Banks
    Equity Company Note Veneto Banca 19 May 2016 Italy Like a Phoenix Banks Veneto Banca- Key data IPO Report Y/E December 2015A 2016E 2017E 2018E Net interest income EUR M 505 464 473 497 Total income EUR M 947 795 824 874 Gross operating profit EUR M 261 199 262 330 Intesa Sanpaolo Pre-tax profit EUR M -997 -133 7 99 Research Department Net profit EUR M -882 -78 28 90 Manuela Meroni Tangible book value EUR M 1,907 2,740 2,768 2,858 Research Analyst A: actual; E: estimates; Source: Company data and Intesa Sanpaolo Research +39 02 8794 9817 [email protected] . A regional Italian banking group with a focus on Northern Italy. Veneto Banca is the 13th Italian banking group with EUR 22.7Bn customer loans, EUR 33.3Bn total assets and 550 branches (487 in Italy), as of 31 December 2015. Veneto Banca has a market share of 1.6% in Italy in terms of branches, of which 1.9% in the north of the country and 5.2% in the Veneto region (as of December 2015). Veneto Banca is set to launch a EUR 1Bn capital increase and, at the same time, be listed on the Italian Stock Exchange. Positives. Among Veneto Banca’s points of strength, we consider its geographical positioning and its scope to increase its profitability thanks to the weaker starting point versus peers in Financial Team terms of cost of funding, penetration of fee-based business and cost base. Moreover, the Manuela Meroni bank’s possible involvement in the consolidation process in the Italian banking sector is an Elena Perini, CFA option that supports the investment case.
    [Show full text]
  • Borsa Italiana
    PARTECIPANTI AI SERVIZI DI LIQUIDAZIONE NETTA E LORDA SU STRUMENTI FINANZIARI NON DERIVATI (EXPRESS II) - 30 giugno 2014 PARTICIPANTS IN THE NET SETTLEMENT SERVICE AND IN THE GROSS SETTLEMENT SERVICE ON NON- DERIVATIVE INSTRUMENTS (EXPRESS II) - 30 th June 2014 CODICE CED CODICE ABI DESCRIZIONE ANAGRAFICA INTERMEDIARIO PARTECIPANTE CED CODE ABI CODE INTERMEDIARY 2331 1003 BANCA D'ITALIA BANCA NAZIONALE DEL LAVORO 425 1005 (partecipante solo alla Liquidazione lorda - gross settlement only) 357 1030 BANCA MONTE DEI PASCHI DI SIENA SPA 1550 2008 UNICREDIT BANCA SPA 564 3011 HIPO ALPE ADRIA BANK SPA 2187 3015 BANCA FINECO SPA 8664 3030 DEXIA CREDIOP SPA 302 3032 CREDITO EMILIANO SPA 7504 3041 UBS (ITALIA) SPA 1994 3045 BANCA AKROS SPA BARCLAYS BANK PLC 303 3051 (partecipante solo alla Liquidazione lorda - gross settlement only) 1105 3069 INTESA SANPAOLO SPA 644 3084 BANCA CESARE PONTI SPA 5937 3089 CREDIT SUISSE (ITALY) SPA 580 3102 BANCA ALETTI E C. SPA 308 3104 DEUTSCHE BANK SPA 315 3111 UNIONE DI BANCHE ITALIANE SCPA 2657 3124 BANCA DEL FUCINO SPA 3768 3141 BANCA DI TREVISO S.p.A. MORGAN STANLEY BANK INTERNATIONAL LIMITED - MILAN BRANCH (partecipante solo alla Liquidazione lorda - 1847 3162 gross settlement only) 1768 3165 IW BANK SPA 2093 3185 BANCA IFIGEST SPA 3526 3205 BANCA IFIS 317 3296 BANCA FIDEURAM SPA 2817 3307 SOCIETE' GENERALE SECURITIES SERVICES SPA 2814 3311 SELLA HOLDING BANCA SPA 2799 3321 RBC INVESTOR SERVICES BANK S.A. Succursale di Milano 3576 3402 WEBANK SPA 3037 3425 BANCO DI CREDITO P. DI AZZOAGLIO S.p.A. (partecipante
    [Show full text]
  • Consolidated Results As at 31 March 2021
    PRESS RELEASE INTESA SANPAOLO: CONSOLIDATED RESULTS AS AT 31 MARCH 2021 RESULTS FOR Q1 2021 CONFIRM INTESA SANPAOLO’S ABILITY TO EFFECTIVELY FACE THE CHALLENGING AFTERMATH OF THE COVID-19 EPIDEMIC AND ARE FULLY IN LINE WITH THE TARGET OF DELIVERING A FULL-YEAR NET INCOME WELL ABOVE €3.5 BILLION. RESULTS FOR THE QUARTER REFLECT INTESA SANPAOLO’S SUSTAINABLE PROFITABILITY DERIVING FROM A SOLID CAPITAL BASE AND LIQUIDITY POSITION, A RESILIENT AND WELL-DIVERSIFIED BUSINESS MODEL, THE STRATEGIC FLEXIBILITY IN MANAGING OPERATING COSTS AND THE ASSET QUALITY, WITH A LOW RISK PROFILE BOLSTERING THE SUPPORT PROVIDED TO ITALY BY THE GROUP, WHICH IS ALSO COMMITTED TO BECOMING A REFERENCE MODEL IN TERMS OF SUSTAINABILITY AND SOCIAL AND CULTURAL RESPONSIBILITY. VALUE GENERATION FOR ALL STAKEHOLDERS WILL BE ACCRETED BY SYNERGIES ESTIMATED AT OVER €1 BILLION DERIVING FROM THE MERGER OF UBI BANCA, SUCCESSFULLY COMPLETED WITH NO SOCIAL COSTS, AND BY MORE THAN €6 BILLION OUT OF PRE-TAX PROFIT DEVOTED BY THE GROUP IN 2020 TO FURTHER STRENGTHENING THE SUSTAINABILITY OF RESULTS. INTESA SANPAOLO’S INITIATIVES TO FACE THE COVID-19 IMPACTS: - PROVIDING SAFE CONDITIONS FOR THE GROUP PEOPLE AND CUSTOMERS; - SUPPORTING HEALTHCARE INITIATIVES WITH MORE THAN €100 MILLION DONATED; - PROVIDING €150 MILLION FROM THE FUND FOR IMPACT (EQUAL TO 50%) TO REDUCE SOCIO-ECONOMIC DISTRESS; - FIRST BANK IN ITALY TO SUSPEND MORTGAGE AND LOAN INSTALMENTS EVEN BEFORE THE SPECIFIC REGULATION CAME INTO FORCE (SUSPENSIONS OF PAYMENTS FOR €101 BILLION APPROVED TO DATE), AND TO SIGN THE COLLABORATION PROTOCOL WITH SACE, THUS PROVIDING IMMEDIATE SUPPORT TO ENTERPRISES UNDER THE LIQUIDITY DECREE (€38 BILLION INCLUDING THE SME FUND GRANTED TO DATE); - UP TO €50 BILLION IN NEW LOANS MADE AVAILABLE TO ENTERPRISES AND PROFESSIONALS TO PROTECT JOBS AND MANAGE PAYMENTS DURING THE EMERGENCY.
    [Show full text]