Intesa Sanpaolo and BNP Paribas have
reached an agreement on Findomestic, the large Italian consumer
credit company 50 percent owned by each group.
Under the terms of the agreement, Intesa
Sanpaolo is to sell its stake to the French group in two stages: 25
percent in 2009, with the remaining stake to be sold between 2011
and 2013 by choice of the BNP Paribas Group as either a purchase on
the part of the BNP Paribas Group itself, an IPO or a sale to a
third party. The value of the first 25 percent stake is equal to
€500 million, while the value of the remaining stake is to be
determined, within a range of €350 and €650 million.
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As a result of the transaction, BNP Paribas,
through its wholly-owned BNP Paribas Personal Finance subsidiary,
will take control of Findomestic and continue to deploy what it
describes as an integrated banking model in Europe. BNP Paribas
says its Personal Finance unit is Europe’s largest such entity,
with around 30 million banking and consumer finance
customers.
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