Still another UniCredit operation: Cassa di Risparmio di Trieste
Still another UniCredit operation: Cassa di Risparmio di TriestePress release pursuant to Consob Resolution no. 5553/91 The Boards of the Directors of UniCredito Italiano and the Cassa di Risparmio di Trieste Foundation have signed an agreement in principle for the transfer of the majority shareholding in CRTrieste to UniCredito Italiano via a reserved share capital increase. Up to this date the capital of said savings bank was split up as follows: CRTrieste 50.6%, UniCredito Italiano 28%, Generali 5.8% and local shareholders 15.6%. The Foundation, assisted by Rothschild as financial advisor, will transfer 30.61% of its holding to UniCredito Italiano. The operation is taking place on the basis of a pricing reflecting a share swap of 3.8 UniCredito Italiano shares, with dividend payable on the 1999 financial year, for every one CRTrieste share after the distribution of an extraordinary dividend of more than 60 billion lire and 1998 profits. The parties have furthermore agreed to extend the offer to minority shareholders at the same conditions applying for the Foundation. The operation will be preceded by the usual Due Diligence regarding some of the bank's assets. CRTrieste is a bank with strong local roots in the province of Trieste, where 32 of its 56 branches are located, comprising almost 30% of the total banking structure of that area; the bank has around a 25% share of the market in terms of loans, and more than 40% of the market in terms of deposits. UniCredito Italiano is committed to looking after and developing its human resources and to increasing the value of the Cassa as an autonomous entity in the "federal" context of the Group as a whole, a structure that it has recently adopted. The Foundation will maintain an adequate representative presence in the corporate bodies of the Cassa.
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