Italian co-operative bank Vento Banca Holding
is to take over private bank Intermobiliare Bank (BIM) through the
merger of CoFiTo Veneto Banca Holding (VBH).
BIM will first merge with CoFiTo, which
controls 52% of BIM, VBH will then launch a cash bid on outstanding
BIM shares at €4.25 ($5.67) per share. BIM was trading around €4.19
near closing on 7 April.
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Under the agreement, BIM will remain
independent and based in Turin. Pietro D’Agui is to continue as BIM
chief managing director.
The transaction is to take place at the end of
2010, the companies said in a statement.
BIM had €14b assets under management to the
end of December 2009.
Private banking at BIM includes asset
management, trading services, personal financial advisory,
insurance, trust and banking and lending services.
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By GlobalDataThe business has two asset management
companies, Symphonia, founded in 1994 by Angelo Abbondio, and
merged with the BIM group in 2003, and BIM Alternative Investments,
which specialises in hedge funds.
