(Finance) – Banca Popolare di Baria company of the Mediocredito Centrale group, sold the entire controlling interest held in Savings Bank of Orvieto (equal to 73.57% of the share capital) to the parent company Mediocredito Centrale. The price was “determined on the basis of evaluations by independent external advisors in line with the best and most widespread market practices”, reads a note, which does not provide further financial details.
The sale is in line with the Business Plan, as it constitutes a prerequisite for one simplification of governance and for one more efficient management of the Cassa di Risparmio di Orvieto from a prudential point of view and as a customer service model. The completion of the transaction remains subject to the necessary authorizations from the competent authorities.