Press Releases - Investors - BFF Banking Group
PR & Presentations
Milan, 1st March 2021.
Banca Farmafactoring S.p.A. (“BFF”) and DEPObank – Banca Depositaria Italiana S.p.A. (“DEPObank”) inform that today BFF has finalised the closing of the acquisition and subsequent merger by incorporation of DEPObank.
Therefore, the largest independent specialty finance player in Italy is born, with a specific focus in the securities services, payments, and factoring and credit management services of receivables towards the Public Administration.
BFF, starting from today, 1st March 2021, will consolidate DEPObank at 100% as a consequence of
- the completion of the purchase of approximately 76% of DEPObank’s share capital from its current shareholders, including the majority shareholder Equinova UK HoldCo Limited (“Equinova”), and
- the signing of the related merger deed with DEPOBank, through which the merger by incorporation of DEPObank into BFF will be finalised, with effect from 5th March (resulting in the exchange of the remaining approximately 24% of DEPObank’s share capital with BFF shares, and the related BFF’s share capital increase). Following this capital increase, Equinova will hold 7.6% of the new “combined entity” share capital.
With this transaction, BFF strengthens its strategic positioning, expanding both its business segments in market niches where DEPObank is a leader, and its funding and capital base to serve its traditional customers. DEPObank becomes part of an international, listed, solid, profitable group, with high standards of execution and operational efficiency.
To ensure full continuity and efficiency, as well as the high quality of service that distinguishes both companies’ history, DEPObank’s businesses will be integrated into an autonomous division within BFF.
The Group has more than 850 employees, and is active in Italy, Spain, Portugal, Poland, Slovakia, Czech Republic, Greece, Croatia, and France.
Paolo Testi, DEPObank CEO, has commented as follows: “Since its establishment, DEPObank has been a reference point for the financial system of our country, holding, in particular since 2018, a leadership position in security services and banking payment services. This role allowed DEPObank, even in an extremely complex year such as 2020, to meet the targets we had set ourselves, demonstrating great solidity and creating the best conditions to consolidate its position and continue its growth path thanks to the merger into BFF”.
“With this transaction we are combining the strengths of two leaders in their respective market niches. We are creating one of the most profitable and best-capitalised banks in Europe, as well as the largest specialty finance group in Italy, which will immediately invest to guarantee the best possible service to all its customers, with products that are always at the cutting-edge and in accordance with the best international standards.” – stated Massimiliano Belingheri, BFF Banking Group CEO. “It is thanks to the work of an extremely professional and skilled management team on both sides, and their respective teams, that we are now able to celebrate an integration, carried out in a complex time such as the one we are living. Our thanks go to them”.
 Equinova is the main shareholder of DEPObank; it’s the holding company di Advent International Corporation, Bain Capital Private Equity Europe LLP e Clessidra SGR S.p.A., which to date holds a 91.6% stake in DEPObank’s share capital, while the remaining shares are held by other Italian banks.