Italy’s Consultinvest steps in to rescue Banca Network
Italian asset manager Consultinvest has confirmed an offer to complete the acquisition of Banca Network Investimenti’s financial adviser network.
Banca Network has been in administration since November 2011.
Modena-based Consultinvest will also acquire deposits and portfolio accounts of the troubled banking group through its partner Cassa di Risparmio di Ravenna.
The deal is expected to be completed over the next days and is subject to regulatory approval.
Consultinvest chief executive Marco Sturmann is also expected to leave his role as part of the deal. Before taking his current role, the manager acted as chief executive at Banca Network from 2007 to 2009.
At the end of May, Banca Network suspended all payments to creditors for a month. At the time, Consultinvest was suggested as the group set to rescue the bank.