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17 Dec 2009
Baa2 and Prime-2 deposit ratings affirmed with stable outlook
Milan, December 17, 2009 -- Moody's Investors Service today placed the D Bank Financial Strength Rating
(BFSR) and Ba2 Baseline Credit Assessment (BCA) of BancApulia S.p.A.
(BancApulia) on review for possible upgrade. The rating agency
also affirmed and changed the outlook to stable from negative on the bank's
Baa2 long-term deposit ratings, and affirmed the Prime-2
short-term deposit rating.
These rating actions follow the shareholders' approval of the proposed
merger between BancApulia and Banca Meridiana S.p.A.
(Banca Meridiana, not rated by Moody's), a wholly owned
subsidiary of Veneto Banca Holding (Veneto Banca, not rated by Moody's).
Moody's said that the review will focus on the extent to which the
capital adequacy and liquidity of BancApulia are strengthened by the merger,
as well as on the potential strengthening of BancApulia's franchise
and on the synergies which the merger may offer.
BancApulia and Banca Meridiana announced their intention to merge in January
2009. Following various regulatory approvals, the shareholders
of the two banks approved the transaction on 15 and 16 December 2009,
respectively. The banks are expected to formally conclude the merger
in the first quarter of 2010.
As a result of the merger, Veneto Banca will become the controlling
shareholder of BancApulia. The structure of the merger foresees
Veneto Banca taking a 50.6% stake in BancApulia in the first
quarter of 2010, at which time BancApulia and Banca Meridiana will
Veneto Banca is a cooperative bank historically based in the region of
Veneto in Italy with a client base mainly composed of small and medium-sized
enterprises and retail clients. Total assets stood at EUR21 billion
at end-December 2008. Banca Meridiana is a smaller retail
and commercial bank, also based in BancApulia's home region
of Puglia with 51 branches and total assets of EUR1.6 billion at
end-December 2008. It became part of the Veneto Banca group
Moody's understands that the new BancApulia is set to become a fully
integrated banking subsidiary, within the federal model of the Veneto
Banca group, and that certain functions will be centralised at the
Veneto Banca Holding level, with the new BancApulia focusing increasingly
on commercial activities. In addition, once the merger has
been completed in the first quarter of 2010, the new BancApulia's
capital adequacy will be significantly increased (Eur 93 million),
with the Tier 1 ratio expected to increase to about 11%,
from 6.84% at end-June 2009.
Moody's said that it views the transaction positively as BancApulia
will become part of a stronger and larger banking group, and thus
gain access to the latter's greater resources and potential economies
of scale, which could in the medium term improve its challenged
profitability and efficiency measures. In addition, the merger
with Banca Meridiana strengthens BancApulia's position in its home region
of Puglia. Notably, the transaction addresses issues relating
to liquidity and capitalisation, which triggered negative rating
actions in 2008 and 2009.
BancApulia's Baa2/Prime-2 deposit ratings and the change
in outlook to stable from negative reflect the current and expected support
for the bank from Veneto Banca, notably in terms of capital,
liquidity and funding, as well as expected benefits deriving from
the envisioned tight integration.
The following rating was placed on review for possible upgrade:
BancApulia: BFSR at D
The outlook on the following rating was changed to stable from negative:
BancApulia: long-term deposits at Baa2
The previous rating action on BancApulia was on 1 July 2009 when the BFSR
of BancApulia was downgraded to D.
The principal methodologies used in rating BancApulia are "Bank Financial
Strength Ratings: Global Methodology" and "Incorporation of Joint-Default
Analysis into Moody's Bank Ratings: A Refined Methodology",
which can be found at www.moodys.com in the Rating Methodologies
sub-directory under the Research & Ratings tab. Other
methodologies and factors that may have been considered in the process
of rating the bank can also be found in the Rating Methodologies sub-directory
on Moody's website.
BancApulia SpA is headquartered in San Severo, Italy. At
30 June 2009, it had total assets of EUR4.5 billion.
Senior Vice President
Financial Institutions Group
Moody's Investors Service
Moody's reviews for possible upgrade the D BFSR of BancApulia
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service
No Related Data.
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