Interbanca

GE Capital Interbanca
Industry Financial Services
Founded 1961
Headquarters Milan, Italy
Services investment banking
Decrease (€44.587 million) (2015)
Total assets Decrease €4.098 billion (2015)
Total equity Decrease €1.059 billion (2015)
Owner Banca IFIS
Parent Banca IFIS
Subsidiaries
  • GE Capital Servizi Finanziari
  • GE Capital Finance S.r.l.
Website www.gecapital.it
Footnotes / references
in consolidated basis[1]

GE Capital Interbanca S.p.A. is an Italian merchant bank that specializes in lending and financing transactions for medium-sized firms. Its headquarters are in Milan and it has 10 branches in major cities throughout Italy. The bank was purchased from Santander Group in March 2008 by GE Commercial Finance.

In 2016 the bank was sold to Banca IFIS.

History

A consortium of banks comprising Banco Ambrosiano, Banca d'America e d'Italia, and Banca Nazionale dell'Agricoltura, founded Interbanca – Banca per i Finanziamenti a Medio Termine in 1961. By 1997 it had come under the control of Banca Antonveneta, which in 1999 acquired Banca Nazionale dell'Agricoltura. In June 1999, its parent listed Interbanca on the stock exchange, but then in February 2003 wholly acquired it.

In 2006, ABN AMRO acquired Antonveneta, only to be itself acquired by a consortium consisting of The Royal Bank of Scotland Group, Fortis, and Santander. Banco Santander took control of Antonveneta in October 2007 and sold it on to Banca Monte dei Paschi di Siena in November at a 36% premium over the valuation for the acquisition. Although Banco Santander had sold Antonveneta, it retained Interbanka for the time being.

In March 2008, Santander sold Interbanca to GE Commercial Finance, receiving in return GE Money businesses in Germany, Finland and Austria, and GE's Card and Auto Financing Businesses in the UK.

In May 2015, GE appointed Deutsche Bank to sell the bank, then had a net assets of over 1,000,000,000.[2]

In 2016 Banca IFIS acquired Interbanca for €160 million, with an obligation to repay the inter-company debt to GE.[3]

References

  1. "[2015] CONSOLIDATED ANNUAL REPORT OF THE GE CAPITAL INTERBANCA BANKING GROUP" (PDF). GE Capital Interbanca. 4 May 2016. Retrieved 21 July 2016.
  2. Barbaglia, Pamela (28 May 2015). "General Electric hires Deutsche Bank to sell Italian lender Interbanca - sources". Reuters. Retrieved 26 December 2015.
  3. "Banca IFIS and GE Capital, agreement reached for the acquisition of GE Capital Interbanca". Banca IFIS. 28 July 2016. Retrieved 9 August 2016.

External links

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