Banca Ifis, the Furstenberg family is committed to improving the Bank’s capital position and the market appreciates the move
Ifis Bank, led by the manager Frederik Geertman, shines on Piazza Affari after the announcement of the move of The cliff, the controlling shareholder of the group and owner of 50.5% of the capital, who moved the registered office to Switzerland: mid-morning the shares rose 3.8% to € 16.7. Yesterday, with markets closed, it was announced that the transaction will be completed by the end of January.
“The transfer of the registered office of La Scogliera arises from the personal motivations of the chairman and allows, among other things, to keep the promise made in April 2019 for which an alternative transaction to the reverse merger of La Scogliera into Banca Ifis would be identified with equivalent effects from a prudential point of view ” , explained the vice president of Banca Ifis, Ernesto Furstenberg Fassio. The CEO Frederik Geertman will communicate the net benefits of the transaction and the expected effects upon presentation industrial plan 2022-2024, due to February. In any case, “the institute maintains its presence in Italy unchanged”.
On the part of the di Equita the appreciation was immediate: while continuing to recommend caution they have in fact raised the price target by 10% to 19.4 euros. “The authorization for the transfer of La Scogliera to Switzerland is particularly relevant for Ifis, as it will have the effect of optimizing the capital requirements, with the perimeter of consolidation regulate that it will therefore be determined at Ifis level and no longer, as has happened up to now, at holding level“, the experts explained. It should be remembered that Ifis in the third quarter of 2021 had reported a CET1 of 11.4% with the prudential consolidation in La Scogliera, which would however have been 16.2% considering only the perimeter of the bank.
“Although the management of Ifis has already excluded extraordinary distributions of capital, a CET1 in the area of 16% will make it possible to definitively overcome the uncertainty relating to the adequacy of the capital endowment to support growth and at the same time to give greater dividend visibility for the next few years: the estimated average yield in the area is 6.5% “, the experts commented again, stressing that the operation”confirms the Furstenberg family’s commitment to improve the bank’s capital position “, finding alternative to reverse fusion between Ifis and La Scogliera which would have led to a dilution in the control of the company “