Bulletin: Iccrea Banca 'BB/B' Ratings Unaffected By Planned Change To Group Structure

MADRID (S&P Global Ratings) July 18, 2016--S&P Global Ratings said today that its 'BB/B' long- and short-term issuer credit ratings on Italy-based Iccrea Holding SpA and its core banking entities Iccrea Banca SpA and Iccrea BancaImpresa SpA are unaffected by the planned change to its group structure. The European Central Bank has previously specifically requested alterations to the group structure. The parent company, Iccrea Holding, and its subsidiary Iccrea Banca have therefore agreed a "reverse merger" of the two institutions, in which the subsidiary will incorporate the parent. The ultimate aim of the transaction is to provide the newly created parent company with a banking license previously held exclusively by Iccrea Banca. This change also fits within the framework of

...MADRID (S&P Global Ratings) July 18, 2016--S&P Global Ratings said today that its '##/B' long- and short-term issuer credit ratings on Italy-based Iccrea Holding SpA and its core banking entities Iccrea Banca SpA and Iccrea BancaImpresa SpA are unaffected by the planned change to its group structure. The European Central Bank has previously specifically requested alterations to the group structure. The parent company, Iccrea Holding, and its subsidiary Iccrea Banca have therefore agreed a "reverse merger" of the two institutions, in which the subsidiary will incorporate the parent. The ultimate aim of the transaction is to provide the newly created parent company with a banking license previously held exclusively by Iccrea Banca. This change also fits within the framework of cooperative banking reform recently approved by the Italian government. Although the merger streamlines the structure of the group, we expect it to have negligible financial and governance effects on Iccrea Holding...

Bulletin