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Disposal of seven branches in Italy
25 April 2002
A preliminary contract has been signed for the acquisition by Banca Euromobiliare of part of the private banking operations of HSBC Bank plc in Italy. The agreement is for the acquisition by Banca Euromobiliare of seven offices in Como, Sondrio, Padova, Florence, Brescia, Turin and Bologna and includes the transfer of 19 employees.
The seven branches have approximately Euro 9 million of customer deposits, Euro 22 million of customer lending and Euro 173 million of client funds under management. The consideration for the sale has been agreed at Euro 200,000.
The final sale agreement will have to be authorised by Banca d’Italia, in accordance with the requirement of law no. 287/90.
“For us the acquisition of branches of HSBC Bank plc, a company with whom we share a genuine private banking culture, is first and foremost a good investment,” pointed out Paolo Caroli, Managing Director of Banca Euromobiliare, “because it helps strengthen our position in the sector.”
“Moreover,” continued Caroli, “the operation makes it possible to strengthen Banca Euromobiliare’s presence in geographical areas where we are already present and to set up offices in areas we had already identified in our strategic plan.”
In Italy, HSBC will continue to offer its existing range of private banking, corporate banking, corporate finance, trade finance, treasury and capital markets activities.
Alessandro Baroni, Chief Executive, HSBC Italy, said: “The sale forms part of our strategy to concentrate our private banking activities in Italy through our Milan and Rome offices, where we believe we can grow this business significantly.”
As part of the Credito Emiliano–Credem banking group, Banca Euromobiliare currently distributes common investment funds managed by Euromobiliare Asset Management Sgr and manages Credem International Lux, Templeton and Fleming’s SICAVs’ direct investments. The bank manages eight asset management lines in securities, four asset management lines in Euromobiliare funds and 10 asset management lines in third party SICAVs. It also operates in the insurance sector with five lines of unit-linked policies, life and accident insurance policies, index linked policies and pension funds.
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