Montrouge,
CRÉDIT AGRICOLE ITALIA LAUNCHES A CASH VOLUNTARY PUBLIC TENDER OFFER FOR ALL SHARES OF CREDITO VALTELLINESE
BY ACQUIRING CREDITO VALTELLINESE, CRÉDIT AGRICOLE ITALIA
CONTINUES TO BUILD A LEADING BANKING GROUP IN
SERVING 3 MILLION CLIENTS AND ITS LOCAL COMMUNITIES
Crédit Agricole Italia S.p.A. (“Crédit Agricole Italia”), a 75.6%-owned subsidiary of Crédit
This transaction is notably characterized by:
- The consolidation of a robust and profitable banking group benefitting from a strengthened local footprint:
- Combining Credit Agricole Italia and Credito Valtellinese will consolidate the group’s position as #6 retail bank in
Italy , committed to best serve its 3 million clients, leveraging on a shared culture of continued support to local communities; - Combining two well-performing and robust banks;
- Combining Credit Agricole Italia and Credito Valtellinese will consolidate the group’s position as #6 retail bank in
- A significant value creation, benefitting all stakeholders:
- For Credito Valtellinese’s clients: an even stronger banking group, with an attractive and comprehensive range of financial solutions, benefitting from the entire European-leading bancassurance offering of Crédit
Agricole Group already present inItaly ; - For Credito Valtellinese’s people: a leading financial group and an employer of choice;
- For Crédit Agricole Italia’s shareholders: an expected Return on Investment above 10% by year 3;
- For Credito Valtellinese’s clients: an even stronger banking group, with an attractive and comprehensive range of financial solutions, benefitting from the entire European-leading bancassurance offering of Crédit
- A proven track-record of successful integrations by Credit Agricole Italia:
- Two groups already partners in bancassurance, a distribution network well-known by Crédit Agricole and fitting very well with Crédit Agricole Italia business model;
- A sustainable growth strategy of Credit Agricole Italia having proved its ability to successfully integrate other banks, as demonstrated by its previous acquisitions in
Italy ;
- An attractive price for Credito Valtellinese shareholders: all-cash voluntary tender offer by Crédit Agricole Italia on Credito Valtellinese at €10.50 per share, representing a 53.9% premium to Credito Valtellinese’s 6M VWAP1 and a 21.4 % premium to Credito Valtellinese latest official price calculated as of
November 20, 2020 1.
Ariberto Fassati,
President of Crédit Agricole Italia
"Credito Valtellinese shares with us many of the fundamental values that represent the raison d'être of Crédit Agricole Italia: the rootedness to the territory, the attention to local communities and to the social and entrepreneurial networks, the enrichment of people and the sustainability of the business model. With this integration we are confident that we can create added value for all stakeholders.”
Chief Executive Officer of Crédit Agricole Italia and Head of Crédit
“With this transaction, Credito Valtellinese’s customers and employees will gain access to the same first-class financial products and services as Crédit Agricole Italia, benefitting from Crédit Agricole Group’s scale, strength, innovative and client-centric culture, and the combined group will continue its strong commitment to supporting
Crédit
Crédit Agricole in
- An attractive and fully-fledged customer-focused universal banking model successfully developed over the years:
- A robust and profitable retail bank through Crédit Agricole Italia (since 2007, formerly Gruppo Bancario Cariparma), serving 2.1m clients, managing €503 billion of loans to customers, €72 billion of customer savings4, and generating €1.9 billion revenues5;
Specialized Financial Services (Agos,FCA Bank , CréditAgricole Leasing );- Asset Gathering (Amundi, Crédit Agricole Assurances, Indosuez, etc.);
- Large Customers (CACIB and
CACEIS );
- Strong partnerships with Italian financial institutions, such as UniCredit in asset management, Banco BPM in consumer finance and Credito Valtellinese in life insurance;
- A solid track-record of sustainable growth across all the business lines of Crédit
Agricole Group . In particular, the acquisitions ofCassa di Risparmio della Spezia in 2010 and, more recently, ofCassa di Risparmio di Rimini ,Cassa di Risparmio di Cesena andCassa di Risparmio di San Miniato , demonstrate Crédit Agricole Italia’s ability to complete complex transactions and the strength of its business model based on the proximity to the territory; - A consistent support to local employment and economic dynamism with €78 billion of loans as of
30 September 2020 , having hired more than 1,250 employees inItaly since the beginning of 2018; - Focus on communities and territories thanks to shareholders Foundations, such as Fondazione Cariparma, Fondazione Carispezia, Fondazione di
Piacenza e Vigevano, Fondazione CRdi San Miniato and Fondazione CR e Banca delMonte di Lugo , and to the other Foundations that collaborate with Crédit Agricole Italia in its social activities in the territories, such as Fondazione CRdi Rimini , Fondazione CRdi Cesena and Fondazione Banca del Monte e CRdi Faenza .
Therefore, Crédit Agricole in
Continue building a leading banking group in
As of
Crédit Agricole and Credito Valtellinese already enjoy a strong partnership, Crédit Agricole Vita, the Italian life insurance subsidiary of the Group being Credito Valtellinese’s exclusive partner in life insurance and its holding company, Crédit Agricole Assurances, being one of the main shareholders of Credito Valtellinese with a 9.8% stake. Therefore, the acquisition of Credito Valtellinese is an extension of Crédit Agricole strategic partnership with Credito Valtellinese, supported by a strong business and cultural fit between the two groups. This transaction is line with Crédit Agricole Italia’s sustainable growth strategy, and will leverage Crédit Agricole Italia’s proved ability to successfully integrate other banks, as demonstrated by its previous acquisitions in
The acquisition of Credito Valtellinese by Crédit Agricole Italia will lead to the creation of a more robust
Solid industrial project
With the acquisition of Credito Valtellinese, Crédit Agricole Italia aims to consolidate its competitive positioning as the #6 retail bank in the Italian market by AuM + AuC, and become #7 by total assets and by number of clients, achieving a c.5% combined market share at national level (based on number of branches):
- Presence in the most productive areas of
Italy , especially inLombardy ; - More than 1,200 branches and 2.8 million clients, with a direct access to European-leading offering of Crédit
Agricole Group ; - Enhanced operational efficiency through cost synergies;
- Strong asset quality, which will further improve post merger (9M 2020 combined non-performing exposure (“NPE”) ratio pro-forma at 6.6%, with NPE coverage at 54%14, with the intention of Crédit Agricole Italia to actively purse de-risking of the combined entity);
- Financial strength, further increased by the support of the Crédit
Agricole Group , and demonstrated by high solvency15 and strong credit ratings16.
The acquisition of Credito Valtellinese represents an ideal growth opportunity for Crédit Agricole Italia, in particular in terms of geographic coverage:
- Adding critical mass in areas which are complementary and close to the geographies it already serves, and improving local client coverage;
- Significant strengthening of its presence in
Northern Italy (representing ~70% of pro-forma branches); - Doubling up of market share in
Lombardy (from 3% to more than 6%), where more than 40% of Credito Valtellinese branches are located, becoming the 7th retail bank in the region, which represents a significant improvement into the largest and wealthiest Region inItaly and in particular inMilan ; - Increase in scale in Piedmont, Marche,
Lazio and enter new Regions including the most dynamic metropolitan areas ofSicily , as well as Valle d’Aosta and Trentino.
Positive for all stakeholders of Credito Valtellinese
Credito Valtellinese’s clients will gain access to an attractive and comprehensive range of financial solutions, benefitting from the entire European-leading bancassurance offering of Crédit
At the same time, Credito Valtellinese’s employees join a leading financial group and an employer of choice in
The combined group will continue its strong commitment to supporting the Italian economy and the local communities, through proximity to the territory.
Significant value creation for Crédit Agricole
Crédit Agricole Italia expects to generate a Return on Investment estimated above 10% by year 3, solely including cost and funding synergies:
- Immediate value creation through economies of scale and funding synergies: cost synergies and economies of scale are expected, and will allow for further investments in digitalization, while lower funding cost will be achieved through optimized asset & liability management and supported by Crédit
Agricole S.A. strong credit ratings; - Long term value creation from increased product offering: revenue synergies, mainly deriving from an increased productivity within Credito Valtellinese’s commercial networks, the implementation of Crédit Agricole Italia’s distribution know-how, the enhancement of Credito Valtellinese’s commission-related profitability and the progressive deployment of Crédit Agricole European-leading product suite over the medium-term;
- Minimum integration risk thanks to Crédit Agricole Italia’s proven track-record of successful integrations and experience in previous comparable transactions.
Crédit Agricole will continue deploying the “Raison d’être” of the Group:
- Excellence in customer relations, by investing in relational and operational excellence, focusing all its businesses on customer satisfaction and enhancing specialization of the Corporate segment on high value products and services;
- Empowered teams for customers, by attracting and retaining the best talents, developing individual empowerment of our people to ensure the best services to Customers and promoting ethically and socially responsible behaviours;
- Commitment to society, by fostering the attractiveness and economic development of local communities, keeping being a responsible player in the environment protection and sustaining the Foundations shareholders of Crédit Agricole Italia in their social activities.
Drawing on its successful experience of past integrations (in particular with
Transaction structure and consideration
The Offer consists in a voluntary public cash tender offer by Crédit Agricole Italia on all the ordinary shares of Credito Valtellinese.
The Offer price equals to €10.50 for each Credito Valtellinese’s share. This corresponds to a total investment of €737mm by Credit Agricole Italia to acquire 100% of Credito Valtellinese’s shares. The following premiums are implied with reference to the arithmetic means, weighted for the daily volumes, of the official prices of Credito Valtellinese’s Shares in the relevant periods:
- A 21.4% premium to Credito Valtellinese’s spot price as of
November 20, 2020 - A 42.0% premium to the 3M VWAP of Credito Valtellinese as of
November 20, 2020 - A 53.9% premium to the 6M VWAP of Credito Valtellinese as of
November 20, 2020 - A 50.2% premium to the 6M VWAP of Credito Valtellinese as of
February 21, 2020 , pre Covid-19 outbreak
Crédit Agricole Italia has already received a commitment letter from
In the context of the Offer, Crédit Agricole Assurances (a subsidiary of Crédit
After the Offer, Crédit Agricole Italia intends to proceed with the merger by incorporation of Credito Valtellinese in Crédit Agricole Italia to allow an effective integration of its activities with those of Credito Valtellinese.
The Offer will be subject to Crédit Agricole Italia achieving at least a 66.7% of Credito Valtellinese’s voting share capital, with Crédit Agricole Italia maintaining the discretion to waive the aforementioned condition provided that at least 50% of the voting capital of Credito Valtellinese +1 share is acquired. Other conditions would include – inter alia – antitrust authorities’ unconditional authorizations and Credito Valtellinese not adopting any defensive measures (even if authorized at Credito Valtellinese’s shareholders meeting).
Consistently with the objectives and industrial rationale of the Offer:
- In the event that, as a result of the Offer, Crédit Agricole Italia acquires more than 90% of the shares of Credito Valtellinese, Crédit Agricole Italia will not carry out actions aimed at restoring the minimum required conditions of free-float to ensure the ordinary trading of Credito Valtellinese shares and this will entail the delisting of the Credito Valtellinese’s shares;
- In any event, following the Offer, Crédit Agricole Italia intends to take all necessary steps and actions to proceed with the merger by incorporation of Credito Valtellinese as a mean to foster the integration between the two banks and maximize value creation consistently with Crédit Agricole Italia’s strategy implemented in recent years (which encompassed the merger into Crédit Agricole Italia of
Cassa di Risparmio di Rimini ,Cassa di Risparmio di Cesena andCassa di Risparmio di San Miniato in 2018 and ofCassa di Risparmio della Spezia in 2019).
Crédit Agricole Italia will submit the tender offer document to Consob by the first two weeks of
A strategic acquisition in line with Crédit Agricole S.A.’s medium-term ambition
The acquisition of Credito Valtellinese will strengthen Crédit Agricole competitive positioning in
Crédit
Upon completion of the transaction, the preliminary estimated negative impact on Crédit Agricole S.A.’s Common Equity Tier 1 ratio is expected to remain below 20bps.
Drawing on Crédit Agricole Italia’s successful experience of past integrations in similar transactions in
***
In relation to the Offer, Crédit Agricole Italia is advised by
***
Live webcast : https://edge.media-server.com/mmc/p/4bw9ceqe
CRÉDIT AGRICOLE ITALIA CONSOLIDATED BALANCE SHEET AS AT
Items (€thousands) | Delta | |||
10. | Cash and cash equivalents | 291,458 | 370,059 | (78,601) |
20. | Financial assets measured at fair value through profit or loss (IFRS 7 par. 8 lett. a)) | 151,415 | 125,010 | 26,405 |
a) financial assets held for trading; | 90,553 | 97,400 | (6,847) | |
b) financial assets designated at fair value; | - | - | - | |
c) other financial assets mandatorily measured at fair value | 60,862 | 27,610 | 33,252 | |
30. | Financial assets measured at fair value through other comprehensive income (IFRS 7 par. 8 lett. h)) | 3,054,914 | 3,068,244 | (13,330) |
40. | Financial assets measured at amortized cost (IFRS 7 par. 8 lett. f)) | 66,023,110 | 56,343,788 | 9,679,322 |
a) loans to banks | 7,583,797 | 4,743,595 | 2,840,202 | |
b) loans to customers | 58,439,313 | 51,600,193 | 6,839,120 | |
50. | Hedging derivatives | 1,059,286 | 759,816 | 299,470 |
60. | Fair value change of financial assets in macro-hedge portfolios (+/-) | 140,506 | 119,729 | 20,777 |
70. | Equity investments | 20,483 | 20,483 | - |
80. | Technical insurance reserves reassured with third parties | - | - | - |
90. | Property, Plant and Equipment | 960,347 | 1,017,849 | (57,502) |
100. | Intangible assets | 1,866,743 | 1,912,606 | (45,863) |
- of which goodwill | 1,575,536 | 1,575,536 | - | |
110. | Tax assets | 1,411,206 | 1,504,346 | (93,140) |
a) current | 278,571 | 304,325 | (25,754) | |
b) deferred | 1,132,635 | 1,200,021 | (67,386) | |
120. | Non-current assets held for sale and discontinued operations | 5,207 | - | 5,207 |
130. | Other assets | 529,754 | 412,429 | 117,325 |
Total assets | 75,514,429 | 65,654,359 | 9,860,070 |
CRÉDIT AGRICOLE ITALIA CONSOLIDATED BALANCE SHEET AS AT
Items (€thousands) | Delta | |||
10. | Financial liabilities measured at amortized cost (IFRS 7 par. 8 lett. g)) | 65,094,410 | 56,003,022 | 9,091,388 |
a) due to banks | 11,554,925 | 6,105,259 | 5,449,666 | |
b) due to customers | 43,125,022 | 40,795,173 | 2,329,849 | |
c) debt securities issued | 10,414,463 | 9,102,590 | 1,311,873 | |
20. | Financial liabilities held for trading | 102,738 | 81,980 | 20,758 |
30. | Financial liabilities designated at fair value (IFRS 7 par. 8 lett. e)) | - | - | - |
40. | Hedging derivatives | 616,752 | 509,730 | 107,022 |
50. | Fair value change of financial liabilities in macro-hedge portfolios (+/-) | 485,002 | 421,173 | 63,829 |
60. | Tax liabilities | 211,209 | 275,107 | (63,898) |
a) current | 125,605 | 184,715 | (59,110) | |
b) deferred | 85,604 | 90,392 | (4,788) | |
70. | Liabilities associated with non-current assets held for sale and discontinued operations | - | - | - |
80. | Other liabilities | 1,864,220 | 1,316,885 | 547,335 |
90. | Employee severance benefits | 119,575 | 123,894 | (4,319) |
100. | Provisions for risks and charges | 299,495 | 335,516 | (36,021) |
a) financial guarantees and other commitments | 32,858 | 33,656 | (798) | |
b) post-employment and similar obligations | 34,601 | 37,325 | (2,724) | |
c) other provisions for risks and charges | 232,036 | 264,535 | (32,499) | |
110. | Technical reserves | - | - | - |
120. | Valuation reserves | (60,404) | (62,199) | 1,795 |
130. | Redeemable shares | - | - | - |
140. | Equity instruments | 715,000 | 715,000 | - |
150. | Reserves | 1,653,170 | 1,379,853 | 273,317 |
160. | Share premium reserve | 3,117,848 | 3,117,840 | 8 |
170. | Capital | 979,235 | 979,233 | 2 |
180. | - | - | - | |
190. | Minority interests (+/-) | 146,851 | 143,256 | 3,595 |
200. | Profit (Loss) for the year | 169,328 | 314,069 | (144,741) |
Total liabilities and equity | 75,514,429 | 65,654,359 | 9,860,070 |
CRÉDIT AGRICOLE ITALIA RECLASSIFIED CONSOLIDATED INCOME STATEMENT AS AT
Items (€thousands) | Delta | ||
Net interest income | 730,779 | 761,046 | (30,267) |
Net fee and commission income | 628,704 | 669,540 | (40,836) |
Dividends | 10,438 | 11,331 | (893) |
Profit (loss) on trading activities | 9,361 | 4,791 | 4,570 |
Other operating income (expenses) | 10,598 | 5,509 | 5,089 |
Net operating income | 1,389,880 | 1,452,217 | (62,337) |
Personnel expenses | (529,657) | (546,871) | 17,214 |
Administrative expenses | (239,627) | (240,072) | 445 |
Amortization of intangible assets and depreciation of property, plant and equipment | (129,579) | (121,355) | (8,224) |
Operating expenses | (898,863) | (908,298) | 9,435 |
Operating margin | 491,017 | 543,919 | (52,902) |
Impairments of Godwill | - | - | - |
Net provisioning for risks and charges | (5,114) | (7,016) | 1,902 |
Net impairments of loans | (304,873) | (181,204) | (123,669) |
Net Impairment of financial instruments | (5,477) | (237) | (5,240) |
Profit (loss) on other investments | 66,262 | 428 | 65,834 |
Profit (loss) on continuing operations before taxes | 241,815 | 355,890 | (114,075) |
Taxes on income from continuing operations | (66,003) | (106,770) | 40,767 |
Profit (Loss) after tax from discontinued operations | - | - | - |
Net profit (loss) for the year | 175,812 | 249,120 | (73,308) |
Net profit (loss) for the year attributable to minority interests | (6,484) | (9,382) | 2,898 |
Net profit (loss) attributable to the Parent Company | 169,328 | 239,738 | (70,410) |
CRÉDIT AGRICOLE ITALIA CREDIT QUALITY AS AT
Items (€thousands) | ||||
Gross exposure | Total adjustments | Net exposure | Coverage % | |
- Bad loans | 1,907,554 | 1,353,013 | 554,541 | 70.9% |
- Unlikely to Pay | 1,515,094 | 568,911 | 946,183 | 37.5% |
- Past due | 61,091 | 5,345 | 55,746 | 8.7% |
Non-performing loans | 3,483,739 | 1,927,269 | 1,556,470 | 55.3% |
Performing loans - stage 2 | 2,749,974 | 193,199 | 2,556,775 | 7.03% |
Performing loans - stage 1 | 46,183,684 | 86,537 | 46,097,147 | 0.19% |
Performing loans | 48,933,658 | 279,736 | 48,653,922 | 0.57% |
Loans to Customers | 52,417,397 | 2,207,005 | 50,210,392 | 4.21% |
Securities at amortized Cost | 8,238,396 | 9,475 | 8,228,921 | 0.1% |
Total Loans to Customers | 60,655,793 | 2,216,480 | 58,439,313 | 3.7% |
CRÉDIT AGRICOLE ITALIA CAPITAL AS AT
Items (€millions) | Delta 09/20 vs 06/20 | ||||
OWN FUNDS | |||||
Common Equity Tier 1 Capital | 3,644 | 3,620 | 3,525 | 3,562 | 24 |
Tier 1 Capital | 4,372 | 4,349 | 4,254 | 4,288 | 23 |
Total Capital | 5,230 | 5,209 | 5,120 | 5,162 | 21 |
PRUDENTIAL SUPERVISORY REQUIREMENTS | |||||
Total Risk-weighted assets | 28,533 | 28,734 | 29,452 | 28,550 | -201 |
- of which credit risk | 25,351 | 25,559 | 26,207 | 25,286 | -208 |
CAPITAL ADEQUACY RATIOS | |||||
Common Equity Tier 1 ratio | 12.77% | 12.60% | 11.97% | 12.48% | 0.17% |
Tier 1 ratio | 15.32% | 15.14% | 14.44% | 15.02% | 0.19% |
Total Capital ratio | 18.33% | 18.13% | 17.38% | 18.08% | 0.20% |
CRÉDIT AGRICOLE ITALIA DIRECT AND INDIRECT FUNDING AS AT
Items (€thousands) | Delta | ||
- Deposits | 1,353,455 | 1,687,289 | (333,834) |
- Current and other accounts | 41,279,350 | 38,635,246 | 2,644,104 |
- Other items | 257,887 | 285,139 | (27,252) |
- Repurchase agreements | - | - | - |
Due to customers | 42,890,692 | 40,607,674 | 2,283,018 |
Debt securities issued | 10,414,463 | 9,102,590 | 1,311,873 |
Total direct funding | 53,305,155 | 49,710,264 | 3,594,891 |
Indirect funding | 71,926,138 | 71,294,531 | 631,607 |
Total funding | 125,231,293 | 121,004,795 | 4,226,498 |
- Asset management products | 16,994,843 | 17,316,598 | (321,755) |
- Insurance products | 21,068,325 | 20,682,863 | 385,462 |
Total assets under management | 38,063,168 | 37,999,461 | 63,707 |
Assets under administration | 33,862,970 | 33,295,070 | 567,900 |
Indirect funding | 71,926,138 | 71,294,531 | 631,607 |
CRÉDIT AGRICOLE ITALIA RETAIL NETWORK AS AT
Region | Branches | Region | Branches | |
49 | Marche | 8 | ||
CE | 10 | AN | 4 | |
NA | 38 | FM | 1 | |
SA | 1 | MC | 1 | |
243 | PU | 2 | ||
BO | 13 | Piemonte | 50 | |
FC | 30 | AL | 10 | |
FE | 4 | AT | 1 | |
MO | 13 | BI | 1 | |
PC | 45 | CN | 1 | |
PR | 71 | NO | 5 | |
RA | 22 | TO | 30 | |
RE | 12 | VB | 1 | |
RN | 33 | VC | 1 | |
FVG | 81 | Toscana | 100 | |
GO | 3 | AR | 5 | |
PN | 28 | FI | 36 | |
TS | 5 | GR | 1 | |
UD | 45 | LI | 7 | |
40 | LU | 7 | ||
FR | 2 | MS | 14 | |
LT | 1 | PI | 22 | |
RI | 1 | PO | 2 | |
RM | 35 | PT | 4 | |
VT | 1 | SI | 2 | |
59 | 8 | |||
12 | PG | 8 | ||
IM | 5 | 80 | ||
SP | 39 | BL | 1 | |
SV | 3 | PD | 18 | |
Lombardia | 154 | RO | 3 | |
BG | 7 | TV | 20 | |
BS | 4 | VE | 27 | |
CO | 11 | VI | 7 | |
CR | 23 | VR | 4 | |
LC | 2 | Totale | 872 | |
LO | 6 | |||
MB | 6 | |||
MI | 44 | |||
MN | 17 | |||
PV | 24 | |||
10 |
This press release does not constitute or form any part of an offer to purchase, or solicitation of an offer to buy, any securities. Any such offer or solicitation will be made only pursuant to an official offer documentation of the offeror approved by the appropriate regulators.
Restrictions may apply to the release, publication or distribution, in whole or in part, directly or indirectly, of any such offer documentation under the law or regulations applicable in certain jurisdictions. Recipients of the offer are solely responsible for complying with such laws and regulations.
The offeror will extend the offer in
Profile of Crédit Agricole Italia
The Crédit
The Group is composed of, not only of the Crédit
www.credit-agricole.it
CRÉDIT AGRICOLE S.A. PRESS CONTACT
Olivier Tassain + 33 1 43 23 25 41 olivier.tassain@credit-agricole-sa.fr
Find our press release on: www.credit-agricole.com - www.creditagricole.info
Crédit_Agricole | Groupe Crédit Agricole | créditagricole_sa |
External Relations Area
Crédit Agricole Italia
Tel. 0521.21.2826 / 2846 / 2801
Investor Relations:
Crédit Agricole Italia
Giuseppe Ammannato - Giuseppe.Ammannato@credit-agricole.it
1 Source: Factset, official prices as of
2 9 months 2020, Net income Group share
3 As of
4 Asset under management and asset under custody
5 Full year 2019
6By # of branches;
7 Internal data, AGOS and
8 Source: Assogestioni;
9 Source: IAMA consulting;
10 Retail bank rankings based on publicly available data and internal estimate for a selected sample of Italian retail banks
11 Loans excluding government bonds and loans and receivables with customers classified under non-current assets held for sale
12 Asset under management and asset under custody
13 Longstanding relationships with Retail and SME clients, as per Credito Valtellinese Business Plan 2019-2023 of
14 Coverage including provisioning on performing loans at 63%, 55% and 62% in Q3 2020 for Crédit Agricole Italia, Credito Valtellinese, and Crédit Agricole Italia PF, respectively
15 Crédit
16 LT counterparty risk, Crédit
Attachment
- 2020 11 23 - Project Giulia - Press Release vFINAL-
ENG CASA
© OMX, source