(Finance) – The BoD of BPM desk has resolved to grant an exclusivity to FSI SGR, Pay Holding and BCC Pay for the establishment of a new pole in e-money. Today’s announcement follows the launch of the business enhancement project, announced last April 18, and the examination of offers received from leading operators in the sector.
The exclusivity is aimed at negotiating and defining the terms and conditions of a potential partnership in the issuing and acquiring sectors, with the contextual activation of a joint venturein whose capital the bank will be able to enter with a significant share.
The new partnership will lead to creation of the second largest national operatorwholly controlled by Italian institutions, to which Banco BPM intends to transfer its activities in the e-money business, with recognition of a mixed consideration in cash and in shares involving benefits also in terms of capital.
The simultaneous subscription of a distribution agreement which will allow the bank to preserve running commission levels (about 140 million euro in 2022) and to exploit all the valorisation potential – quantifiable at over 2 billion euros in terms of NPV – in a sector with high growth potential in terms of volumes and revenues.
The BoD has mandate given to the CEO to negotiate the terms and conditions of the potential transaction, which is subject to legal authorizations, as well as to proceed with the possible signing of the binding memorandum of understanding.