COMUNICATO STAMPA
London, Milan and Bergamo,
September 28, 2009 – RBC Dexia Investor Services
(RBC Dexia) and Unione di Banche Italiane scpa (UBI Banca) today
announced that they have entered into an agreement for RBC Dexia to
acquire the UBI Banca depositary bank business. The business has
over €19 bn in assets under custody mainly related to the
fund management activities of UBI Banca's subsidiary UBI Pramerica,
the third largest fund manager in Italy. The agreement also
includes certain correspondent bank agreements regarding the
provision of paying agent services in Italy for Luxembourg SICAVs
and Dublin UCITS, subject to client consent.
Within the framework of the
agreements, RBC Dexia will also provide custody and settlement
services to UBI Banca for international securities activities, for
both client and proprietary transactions.
The agreement will make RBC Dexia
the leading service provider in Italy, the 6th largest fund
market in Europe, and enable UBI Banca to further focus on its core
business of providing banking services and products to its
customers.
The consideration for the
transaction is €93 mln, based on a contract with a planned
duration of ten years for the provision of depositary and fund
administration services by RBC Dexia to UBI Pramerica. UBI Banca
will accrue a net capital gain of over € 80mln, with a
positive impact of approximately 10 bps on UBI Banca's consolidated
Core Tier 1 Ratio and Total Capital Ratio. The transaction is
financed via the internal funds of RBC Dexia, without recourse to
external shareholders.
The completion of the transaction is
expected to occur in the first half of 2010, subject to customary
regulatory approvals from the relevant authorities.
José Placido, CEO of RBC Dexia
Investor Services, said: "This agreement marks a meeting of two
strong organizations with shared corporate values and a commitment
to support the growth and development of their clients. Our global
service capabilities make us the perfect strategic partner for UBI
Banca on this transaction as the Italian fund management community
continues to evolve."
Victor Massiah, CEO of the UBI Banca
commented on the agreement: "UBI Banca is pleased to announce this
agreement with a global specialist in depositary banking whose
commitment to excellence will ensure a high standard of service.
The transfer of these specialist activities will allow UBI Banca to
further optimise operational risk and efficiency and to continue to
focus and invest in our core business."
In the transaction the UBI Group was
assisted by Morgan Stanley as financial advisor and by Studio
Chiomenti as legal advisor. RBC Dexia was assisted by Studio Legale
NCTM as legal advisor.
About RBC Dexia
Investor Services
RBC Dexia Investor Services offers a
complete range of investor services to institutions worldwide.
Our unique offshore and onshore
solutions, combined with the expertise of our 5,500 professionals
in 16 markets, help clients grow their business and sustain
enhanced performance through efficiency improvements and robust
risk management processes. Equally-owned by RBC and Dexia, the
company ranks among the world's top 10 global custodians with USD
2.0 trillion in client assets under administration.
rbcdexia.com
About UBI
Banca
UBI Banca - Unione di Banche
Italiane Scpa - was created on the 1st of April 2007 from the
merger between BPU - Banche Popolari Unite and Banca Lombarda e
Piemontese. UBI Banca is a cooperative Group, listed on the Milan
Stock Exchange and included in the FTSE/MIB index (ISIN
IT0003487029). The Group, mainly domestic, has a multiregional
coverage with 1,939 branches (of which 46% in Lombardy), approx. 4
million customers, total assets of €122 bn, balanced lending
and funding (circa € 97 bn), total AUC+AUM of € 75.5 bn
and solid capital ratios (Core Tier 1 of 7.24%, TCR of 11.63%). The
Group has a focused international presence mainly driven by
customer needs.
www.ubibanca.it
For more
information, contact:
RBC Dexia
Alex Clelland, London, +44 (0)20
7002 2009; alex.clelland@rbcdexia.com
UBI Banca
Investor Relations, Bergamo, tel +39
035 392217 investor.relations@ubibanca.it
Media Relations, Brescia, tel +39
030 2433591 – Mobile +39 335 8268310
relesterne@ubibanca.it
RBC Dexia Investor Services Limited is a holding company that
provides strategic direction and management oversight to its
affiliates, including RBC Dexia Investor Services Bank S.A., a
credit institution licensed in Luxembourg by the Commission de
Surveillance du Secteur Financier and the Ministry of Finance. All
are licensed users of the RBC trademark (a registered trademark of
Royal Bank of Canada) and Dexia trademark (a registered mark of
Dexia Crédit Local) and conduct their global custody and
investment administration business under the RBC Dexia Investor
Services brand name.
30/09/2009