Banca Farmafactoring to acquire a 76% stake in DEPObank from Equinova for $215m.

Banca Farmafactoring, an Italy-based company primarily engaged in the corporate financial services, agreed to acquire a 76% stake in DEPObank, an Italian bank, from Equinova, a holding company which hold a 91% stake in DEPObank, for $215m. The completion of the Transaction is expected to take place at the end of this year and is subject to the authorization of the relevant authorities and other conditions precedent. “The acquisition and merger with DEPObank is a milestone in the development of both banks. We combine two leaders in our respective niches. Together, we will be stronger. In the uncertain times we live, this deal allows to strengthen our customer offering, the stability of our franchises, and the opportunities for our employees. We will have more funding, more capital, more diversification. We thank the shareholders and the board of DEPObank for having entrusted us with their business and look forward to continuing building together “a bank like no other,” Massimiliano Belingheri, BFF Banking Group CEO.