Italy's Banco Popolare has transferred part of its property business, including EUR 320 mln of real estate properties, to its Immobiliare BPV real estate unit. The subsidiary is to change its name to Immobiliare BP. Auditing firm KPMG has valued the business at EUR 720 mln.
Italy's Banco Popolare has transferred part of its property business, including EUR 320 mln of real estate properties, to its Immobiliare BPV real estate unit. The subsidiary is to change its name to Immobiliare BP. Auditing firm KPMG has valued the business at EUR 720 mln.
The bank said the transfer of the property assets was agreed by the management board on 18 December as part of a move aimed at 'increasing efficiency in the management of the assets, as well as maximising the bank's returns on its investments'.
Banco Popolare added that the deal will not generate any capital gain because it is between companies 'under common control'.
