Allfunds acquires local paying agent business of Iccrea Banca
London-headquartered B2B wealthtech platform Allfunds Group has reached an agreement with Italy’s BCC Iccrea Group to acquire the local paying agent business of its parent company Iccrea Banca.
Allfunds acquires local paying agent business of Iccrea Banca
Allfunds intends for the correspondent banking agreement to develop its position in Italy as a local paying agent business to “better serve customers” while “strengthening the partnership with an important financial institution in the country”.
Having been active in the country for the last two decades, Juan Alcaraz, Allfunds’ founder and CEO, describes Italy as “one of our core markets”, stating that the agreement will “contribute to our ambition to remain the top choice for any Italian institution in the wealthtech segment”.
Formed in 2019 as part of the reform of 120 Italian cooperative credit banks (BCCs), BCC Iccrea Group is currently the largest cooperative banking group in Italy. With €173.5 billion in total assets, it is ranked as the market’s fourth largest banking group, and has approximately 2,440 branches across the country.
The group’s latest agreement with Allfunds aligns with its wider strategy to support projects specifically relating to asset management while creating greater access to financial markets for its BCCs and their customers.
“This transaction will allow us to capitalise on the value of these assets and to further increase our solid capital ratios,” comments Mauro Pastore, general manager of the BCC Iccrea Group.
The acquisition, which is to be fully funded through the Allfunds Group revolving credit facility, is forecast to be signed before this year’s third quarter and closed before the end of the year; subject to customary closing conditions. Further terms of the transaction were not disclosed.
