MILAN, Sept 30 (Reuters) – Italian regional lender Bper Banca EMII.MI said on Wednesday it had revised its financial targets for 2021 after the purchase of 532 branches from rival Intesa Sanpaolo ISP.MI while pricing a cash call to fund it with a 31% discount.
BPER said it had trimmed the expected net profit for 2021 to 350 million euros ($410.62 million) from a previous estimate of 375 million euros due to a new closing timetable for the purchase. It now also projects a fully loaded CET1 ratio above 13%.
Earlier this year Intesa Sanpaolo ISP.MI snapped up smaller peer UBI Banca UBI.MI with an unsolicited paper-and-cash offer to create the euro zone’s eighth-biggest banking group.
To win antitrust approval Intesa agreed to sell 532 branches to Bper Banca.
Closing of the transaction is now expected in February 2021 for branches bought from UBI Banca and in the second quarter