UniCredit announces that UniCredit Private Banking S.p.A. ("UPB"), Member of the UniCredit Group, has sold its subsidiary Banque Monégasque de Gestion ("BMG") to the global private banking group EFG International.
As of 31 December 2005 BMG, which is based in Monte Carlo, managed approximately Euro 823 million of clients' assets and reported a total net income of Euro 1.7 million with a shareholders equity of Euro 15.2 million.
The closing of the transaction is subject to certain condition precedents, including the approval by the competent authorities, and is expected to be completed by end of summer.
At closing, EFG International will pay UPB a total cash consideration of around Euro 40 million for 100% of BMG, subject to verification of clients' assets as of the date of signing. The agreed price implies a goodwill on clients' assets, as of end 2005, of around 3%. This disposal will also allow to enhance the capital position with an estimated consolidated capital gain of approximately Euro 23 million.
Dario Frigerio, Deputy General Manager of UniCredit and Head of Private Banking and Asset Management Division said: "We are very pleased that we have found an excellent new home for our Monaco clients and employees within EFG International, a reputable global private banking group. BMG's clients will continue to receive high-quality service from existing BMG Relationship Managers, while benefiting from the private banking and asset management expertise of EFG International. The sale of BMG is consistent with the UniCredit's aim to rationalise its subsidiaries and focus on the core activities as well as to focus on selected off-shore markets (Switzerland, San Marino and Luxembourg)".
Merrill Lynch International and the law firm Studio Legale Grimaldi e Associati acted as advisers to UniCredit in the sale process.
Enquiries:
Media Relations:
+39 02 88628236; e-mail: Uci.Ufficiostampa@unicredit.it
Investor Relations:
+39 02 88628715; e-mail: UCI-InvestorRelations@unicredit
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