BFF Bank SpA (MIL:BFF)
€ 8.98 0.195 (2.22%) Market Cap: 1.69 Bil Enterprise Value: 1.00 Bil PE Ratio: 6.67 PB Ratio: 1.96 GF Score: 78/100
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Banca Farmafactoring S.p.A. - M&A Call Transcript

May 13, 2020 / NTS GMT
Release Date Price: €5.02 (+5.68%)
Massimiliano Belingheri
Banca Farmafactoring S.p.A. - CEO & Director

Thank you, everybody, for joining us today. We are very pleased to announce the acquisition and subsequent merger with DEPObank, the leading player in the securities services and payment sector in Italy. It's a milestone in the development of BFF Banking Group, which will allow both companies to thrive in the future, given their respective strengths. This transaction confirms the commitment we had to our strategic plans as it fits squarely in the directives we have given to the market in terms of our development through M&A.

If you look at the key benefits of the transaction on Page 2 of the presentation, which has been made available, we are adding to our business a fee-based business, which will contribute roughly 30% of the combined entity revenues through commissions and without interest income. With access to a significant funding base with low cost, with roughly EUR 7.5 billion of deposits currently invested in assets with low or negative yield and therefore gives us the opportunity to substitute part of our funding

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