PRESS RELEASE
CLOSING OF THE TRANSACTION INVOLVING BANCO DI DESIO AND BRIANZA S.P.A.'S ACQUISITION OF THE MAJORITY OF THE CORPORATE CAPITAL OF DYNAMICA RETAIL S.p.A. COMPLETED
Desio, 31 May 2024 - Banco di Desio e della Brianza S.p.A. (FTSE - BCO Desio Brianza) announces - following the completion of the authorisation procedures and in execution of the Agreements announced on 31 January, outlined in a press release, to which reference should be made - today's finalisation of the transaction involving Banco Desio's entry in the corporate capital of Dynamica Retail S.p.A., through the purchase of the majority of the corporate capital and the subscription of a corporate capital increase reserved for Desio (the "Transaction").
The Transaction - which allows Dynamica Retail S.p.A., as well as its subsidiary, Dynamica Retail Agenzia in Attività Finanziaria S.r.l., to join the Banking Group effective from 1 June - took place mainly through the subscription of a reserved corporate capital increase for EUR 6.4 million.
After finalising the Transaction, Banco Desio will own a stake of 89% in the Company's corporate capital, while the remaining share will be held by the shareholding managers of Dynamica, who will continue to contribute to the Company's growth within the Banco Desio Group.
"We are extremely satisfied with the closing of this transaction, which helps to greatly strengthen our Group's presence in the sector, consolidating the excellent work already done by Fides employees. We are happy to welcome Dynamica employees to our group and look forward to working together with Dynamica management in pursuing planned synergies and developments. We are delighted with the partnership with Renato Amato, who we'd like to thank for sharing the desire for this transaction," commented Alessandro Decio, Chief Executive Officer of Banco Desio.
It should be noted that the Agreements signed in due course by the Parties also include a purchase option for Banco Desio, to be exercised after the approval of the financial statements for the year ending 31 December 2025. This option pertains to the remaining shares, whose purchase price will be determined on the basis of Dynamica's performance and shared business objectives.
Dynamica Retail S.p.A. is active in disbursing loans to private customers guaranteed by salary-backed loans and deduction at source loans. The Transaction contributes to the implementation of the "Beyond 2026" Business Plan, in particular in the consumer lending activities already covered by the subsidiary Fides S.p.A., which will play a central role in the integration of Dynamica into the Group.
As part of the Transaction, Banco Desio is assisted by Gatti Pavesi Bianchi Ludovici as Legal Advisor.
BANCO DI DESIO E DELLA BRIANZA S.p.A.
The Chair
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Banco di Desio e della Brianza S.p.A. published this content on 31 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 June 2024 10:05:06 UTC.