Highlights M&A

Tyche and Banca di Credito Peloritano merged by incorporation project signed

Tyche S.p.A. (“Tyche” or the “Company”) – a company with extensive experience in the evaluation of the purchase of claims held against bankruptcy proceedings – and Banca di Credito Peloritano S.p.A. (“BCP” or the “Bank”) – a financial institution with over a decade of experience in the banking sector and financial consulting – have signed the merger by incorporation project of Tyche into BCP.

This operation follows Tyche’s recent partial subscription to the share capital increase of a total of Euro 3 million resolved by the Shareholders’ Meeting of Banca di Credito Peloritano (BCP). Specifically, the Company has subscribed a total of 399 new shares issued by BCP – with no nominal value and no premium out of a total of 1,000 new shares at a price of 3,000 euros each – for a total value of 1,197,000 euros. Following the investment, Tyche now holds 9.99% of the share capital of the Bank, equivalent to a total of Euro 18 million divided into 4,000 shares.

The merger is part of a broader integration operation – of which the merger is an essential element – between Tyche and BCP to strengthen the bank’s capital base and further enhance the range of products and services that meet the specific needs of individuals, entrepreneurs, and SMEs. Through this operation, BCP will be able to promote local economic development and support the financial well-being of the Messina-based community in a renewed relationship of trust with the region. Tyche will also be able to expand its activities in the market that deals with corporate distressed loans.

The integration between Tyche and BCP will be carried out in several phases, including:

  • Tyche’s acquisition of a majority stake in the Bank’s capital;
  • Reverse merger by incorporating Tyche into BCP;
  • Completion of the operation, subject to approval by the competent authorities.

The bank resulting from the integration – which will maintain BCP’s territorial presence in Sicily, crucial for its development – aims to create an operator with strong vertical expertise in bankruptcy proceedings and active in different distinct lines of business that are highly complementary and synergistic.

Following the merger, Tyche’s shareholders will receive as many ordinary shares of the Bank as determined by the Exchange Ratio.

Bruno Messina, CEO of Banca di Credito Peloritano SpA stated: «The merger by incorporation project allows us to implement BCP’s business plan and consolidate the Bank’s position in the market, especially in Messina. The goal now is to continue the revitalization of BCP, also by strengthening its capital structure, to create a banking institution that is strong both in bankruptcy proceedings and in the retail market».

Enrico Rossetti, President of Tyche SpA added: «This operation represents a significant step for BCP aimed at strengthening its financial foundations and focusing on its new development in the region boosted by new products. In this way, customers can rely on a stronger bank that supports families, small businesses, and professionals».

For further information on the operation, please consult the relevant documents on the websites http://www.bcpme.it and http://www.tychespa.it.

Source: Banca di Credito Peloritano, Tyche

 

 

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