Sator gets majority stake in Extrabanca to support ambitious growth plan
Private equity fund Sator and independent bank Extrabanca have signed a partnership agreement which will see Sator taking a 38.9% majority stake in the group.
According to a statement released by Sator, the deal is the first step of a multi-year plan to support Extrabanca in an ambitious growth strategy on the Italian market.
Extrabanca has offices in Milan and Brescia and is planning to open 38 branches in most Italian cities by 2018.
Matteo Arpe’s (pictured) Sator Private equity fund confirmed an initial minimum investment of €15m to support the process with the aim to attract new investors.
Other shareholders are Fondazione Cariplo (4,2%), Amenduni (4%) and Generali (3,3%).
Extrabanca was founded in 2010 to offer financial and banking services to the growing immigrant population in Italy. It has about 4,000 clients with about €40m under management, and offers 50 investment products.