Streamlining of Group framework in the banking sector

Friday, July 28, 2017 - 18:01

Approval of the restructuring plan of the banking sector.

The Boards of Directors of Unipol Gruppo S.p.A. (“Unipol”) and UnipolSai Assicurazioni S.p.A. (“UnipolSai”) - which met on 27 July 2017 – approved the restructuring plan, for matters under their respective responsibility, of the Unipol Group’s banking sector (the “Restructuring Plan” or “Plan”), whose guidelines and strategic motivations had been disclosed by Unipol to the market on 30 June. The approval by UnipolSai’s Board of Directors was preceded by the issuance – on a voluntary basis – of a favourable opinion of the Committee for Related Party Transactions of UnipolSai.

The Restructuring Plan, among other things, provides for the transfer of corporate assets (the “Transferred Assets”) by proportional partial demerger (the “Demerger”) of Unipol Banca (“Unipol Banca” or the “Bank”) to a newly incorporated company (“NewCo”), including, inter alia, the Bank’s entire non-performing loan portfolio as at the date of approval the financial position as at 30 June 2017, except for loans under finance lease agreements and unsecured loans, amounting to approximately €3bn (the “Non-Performing Loans”).

The Restructuring Plan was also approved on the date hereof by the Board of Directors of Unipol Banca for matters under its responsibility, with the prior favourable opinion of the Bank’s Committee for Associated Party Transactions.

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