The transaction, in accordance with the binding Memorandum of Understanding, reinforces significantly Agos’ leading position and market share in the sector. Agos is currently managing loans totaling €13.9 billion at end-December 2018 and boasts a strong profitability with a full-year 2018 net profit of €323.2 million.
Agos acquires ProFamily S.p.A., a subsidiary of Banco BPM renamed ProAgos S.p.A. once its non-banking distributed business has been carved-out in a separate entity, for a total amount of €310 million. Agos also extends the distribution of its products to the entire Banco BPM network and distribution channels (1,750 branches) under an exclusive 15-year agreement.
This transaction has been approved by the European Antitrust Authority and the Bank of Italy.
Agos’ current shareholding structure remains unchanged (61% held by Crédit Agricole Consumer Finance and 39% by Banco BPM).
Source: Company Press Release
