Non binding offers for Istituto centrale delle banche popolari italiane (Icbpi), an Italian bank specialising in payment services, are expected by next Monday March 23rd while a decision on the sale should take place by the end of June. That’s what Miro Fiordi the ceo of Icbpi’s major shareholder Credito Valtellinese (Creval) said yesterday speaking with journalists during a break of a meeting of Abi (the Italian banking association).
Preliminary expressions of interest value Icbpi, which is owned by domestic cooperative lenders, at 1.9 billion-2.4 billion euros ($2.5 billion), Creval CEO Miro Fiordi said on Tuesday, reiterating comments he made in February.
“We are collecting offers till next Monday, Than we will operate a first choice and a dataroom will be organized. We hope to come to the end of the process by the end of the first semester”, Fiordi said adding that “four offers are expected: three by consortiums of bidders and one from a single player”.
Potential bidders are: a consortium made by Advent and Bain Capital which is said to be joined by Italy’s Clessidra private equity firm; fondo Clessidra; paneuropean operator Permira allied with CVC Capital Partners; BC Partners together with Cinven; and Lone Star, racing all by itself. But Apax Partners and Hellman&Friedman have been said to be interested in the deal too (see here a previous post by BeBeez).
Fiordi also confirmed that valutation for Icbpi are ranging from 1.9 to 2.4 billion euros, including debt. Some days ago analyst from Akros Bank (gruppo Banca Popolare di Milano) estimated that Creval, which owns a 20.4% stake in Icbpi capital, will receive 280 million euros from the sale of Icbpi and will have a positive impact on its Core Tier 1 ratio of about 180-190 basis points.
