MILANO – Agreement between the Post Office and Intesa Sanpaolo in the investment branch. The company owned by the Treasury, through its subsidiaries Poste Vita and BancoPosta Fondi sgr, has signed an agreement with the banking group for the acquisition of 40% of Eurizon Capital Real Asset Sgr (Ecra), a company specialized in investments in support of real economy controlled by Eurizon Capital sgr. The closing of the transaction, explains a note, subject to obtaining the authorizations from the supervisory authorities, is expected by the end of the year.
Ecra has been operational since the end of 2019. It is an asset management company, led by the managing director Silvana Chilelli, born as a joint venture between Eurizon and Intesa Sanpaolo “focused on alternative asset classes, dedicated to the real economy”, as its portal explains. . In detail, he deals with “the establishment and management of AIFs (Alternative Investment Funds) for the customers of the insurance division of the Intesa Sanpaolo Group, institutional investors, family offices and HNWI (High Net Worth Individuals)”.
The note announcing the agreement with the post office adds that it has assets under management of around € 4 billion. “The company has created a center of distinctive competence in investments in the real economy (infrastructure, financing and investments in company capital, etc.). With the entry of Poste Italiane, ECRA will become the main platform for this type of investment in Italy, capable of attracting resources also from other institutional investors and contributing to the relaunch of private investments in the economy “.
The operation envisages that Poste Italiane will enter the capital of Ecra with a dedicated capital increase. At the end of which the Post Office will have 40% of the capital, of which 24.50% with voting rights, Intesa Sanpaolo Vita will have 40% of the share capital, of which 24.50% of shares with voting rights, and Eurizon 20% of the share capital, corresponding to 51% of the share capital with voting rights. The assets under management will continue to refer to Eurizon and Ecra will be consolidated in its balance sheet.
The partnership – the note continues – “will enhance the skills of the Poste Italiane Group and the Intesa Sanpaolo Group in the sector, together with Eurizon’s capabilities in the institutional and private banking market. The joint venture also represents a unique opportunity for collaboration. in the life insurance business between the two groups, benefiting from synergies of skills and full alignment of interests “. Poste Vita will entrust Ecra with an investment mandate of approximately 2.5 billion which will bring Ecra’s assets over 6.5 billion euros. “For Poste Italiane, the agreement is consistent with the” 24SI “Strategic Plan, envisaging the combination of commercial partnership and financial participation in innovative projects. The alliance will also help to promote the diversification of Poste Vita’s investment portfolio “.