Banca CR Firenze (Intesa Sanpaolo) to acquire 50 branches from Banca Monte dei Paschi di Siena

Banca Monte dei Paschi di Siena S.p.A., a provider of banking and related financial services, has signed an agreement to sell 50 branches to Banca CR Firenze S.p.A. for EUR200 million. Both the companies are based in Italy.

As of September 30, 2009, the total number of branches covered by the agreement had direct customer deposits of around EUR1,300 million. Banca CR Firenze is majority owned by Intesa Sanpaolo SpA.

Rumor (October 28, 2009):

According to Hemscott, daily Il Messaggero reported that Intesa Sanpaolo, a financial institution, is planning to acquire the 50 branches of Banca Monte dei Paschi di Siena. The transaction is valued at approximately EUR200 million.

KPMG Corporate Finance is acting as financial advisor to Intesa Sanpaolo.

Deal Value (US$ Million) 292.46
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Announced: 2009-12-14

Deal Participants

Target (Company)   Banca Monte dei Paschi di Siena S.p.A. - 50 branches
Acquirer (Company) Banca CR Firenze S.p.A.
Vendor (Company)   Banca Monte dei Paschi di Siena S.p.A.

Deal Rationale

The acquisition of branches will optimize Intesa Sanpaolo group's territorial coverage of Tuscany where the group's market share in terms of branches, in the provinces concerned, would increase from 13% to 16%.

Related terms: acquisition, banking, corporate, finance, financial services, italy, market share