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Creval says initial offers for ICBPI value it at 1.9-2.4 bln eur
February 12, 2015 / 9:37 AM / 3 years ago

Creval says initial offers for ICBPI value it at 1.9-2.4 bln eur

MILAN, Feb 12 (Reuters) - Preliminary expressions of interest from private equity funds for Italy’s ICBPI value the payment services bank controlled by domestic cooperative lenders at up to 2.4 billion euros ($2.7 billion), the CEO of Creval said on Thursday.

Creval is the largest shareholder in ICBPI with a 20.4 percent stake and CEO Miro Fiordi told an analyst call that the bank stood to book a “significant capital gain” from a possible sale. Fiordi estimated the impact on bank capital at between 180 and 190 basis points.

“Over the past two months we’ve received a number of expression of interests from private equities for ICBPI ... that value 100 percent of the company in a range of between 1.9 billion and 2.4 billion euros,” he said.

Fiordi said it was too early to say that shareholders in ICBPI had decided to sell the service provider.

“We have decided to look into a possible sale. We appointed Mediobanca and Equita as advisers and we will look at the strategic plan that bidders put forward as an important element in addition to the price tag,” he said

$1 = 0.8818 euros Reporting by Valentina Za; editing by Danilo Masoni

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