Banca Popolare di Sondrio signed a binding agreement with Banco BPM to acquire 39.5% of the capital of Factorit SpA from the institute in Piazza Meda, of which it already held 60.5%. The value of the transaction is equal to 75 million euros and is not subject to any subsequent adjustment.
Factorit, intermediary pursuant to art. 106 of the Consolidated Law on Banking, operates in the advancement and collection of trade receivables and related services, with over 2,000 customers spread throughout the national territory. The company offers companies operating in Italy and abroad a complete range of factoring products, able to meet the needs in terms of financing, guarantee and management of trade receivables.
During 2021, 15.3 billion euros worth of loans were purchased with an average use of around 3 billion.
With this transaction, Banca Popolare di Sondrio confirms its commitment in the sector, to support the management of the working capital of client companies, and intends to further strengthen the positioning of Factorit.
The company has already been a major player in the factoring market for some time now, in which it is the fourth largest operator on a national level, and its operations are characterized by streamlining, speed and operational flexibility.
Further increases in its market share are conceivable, currently equal to 6.5% for volumes of loans sold, thanks, in particular, to the development of technological platforms in favor of production chains.
The acquisition has no significant impact on the CET1 capital ratio of the Banca Popolare di Sondrio Group.