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16/06/2010 |
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Press Release
Banca Popolare di Vicenza |
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On 16 June 2010, Banca Popolare di Vicenza S.c.p.a. and Nordest Merchant S.p.A., a subsidiary, agreed with 21 Partners S.p.A., Saibot S.r.l. and R.S.V.P. S.r.l. to terminate early, by mutual consent, the joint venture agreement signed in May 2008 covering private equity, corporate finance and investment banking activities.
As an effect of terminating this partnership, Banca Popolare di Vicenza S.c.p.a. will, as part of a share exchange transaction, buy back the 20% interest in the share capital of Nordest Merchant S.p.A. held by 21 Partners S.p.A., and 21 Partners S.p.A. will buy back the 20% interest in its own share capital held by Banca Popolare di Vicenza S.c.p.a.
Devised in 2004, this agreement has released considerable synergies in terms of the skills and resources involved, launching major projects that have accelerated the growth and development of both parties.
Banca Popolare di Vicenza S.c.p.a. and 21 Partners S.p.A. confirm the desire to maintain their mutually beneficial collaboration in the fields of private equity, corporate finance and investment banking, given the reciprocal benefits generated during the period of the joint venture, including the consolidation of a wealth of institutional and professional relations.
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21 Partners is the international entrepreneurial and financial group created by Alessandro Benetton, which invests in mid-size companies, with an enterprise value of between 50 and 500 million euro, to help them develop their potential. 21 Partners operates in Italy and France with a team of more than 40 professionals and assets under management of more than € 1.2 billion.
The Banca Popolare di Vicenza Group, with more than 5,600 employees and 680 outlets (branches, money shops and private-banking desks) is Italy's ninth-largest banking group. Founded in Vicenza in 1866 as the first People's Bank in the Veneto Region, the bank has a grassroots presence in North-East Italy and a significant presence in the North West, in Tuscany (via Cariprato, a subsidiary) and the South (via Banca Nuova).
This documentation can also be consulted on the Bank's website: www.popolarevicenza.it.
Vicenza, 16 June 2010 |
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