Italian bank Banca Monte dei Paschi di Siena (BMPS) has sold its 10.3% stake in asset manager Anima to Poste Italiane for a total consideration of €215.2 million.
The total amount is made up of BMPS, the third largest bank in Italy, being paid €6.80 per share in addition to €0.167 per share in outstanding dividends by Poste Italiane.
The move comes in the wake of plans by BMPS to increase the capital of the bank, which were formulated last November following the conclusion of a comprehensive assessment.
The sale will result in a net positive impact for BMPS of €115 million, due to the sum of capital gains and dividends received. In addition, the bank’s common equity tier one ratio has been boosted by 20 basis points.
The deal is subject to regulatory approval with the date for fulfilment of conditions set as July 15, 2015. BMPS was advised by Citgroup and UBS.
Last year Italy’s Asset Management Holding, the parent company of Anima, floated on the Borsa Italia. Anima’s assets under management were €62.3 billion, as of last month.
©2015 funds europe
