Tages Holding and Harvip acquire Fonspa Bank
Italy’s Tages Holding and Harvest Investment Partners through Harvip Investimenti have acquired 100% of Credito Fondiario S.p.A.- Fonspa Bank’s capital.
The bank was previously owned by European Principal Assets Limited (EPAL), a firm controlled by Morgan Stanley International Holding.
Following the operation, Tages Holding has a share of 85% of Fonspa, while Harvest Investment Partners controls 6.75% as well as another 8.25% through its subsidiary Harvip Investimenti.
The bank’s committee appointed as part of the board of directors Piero Gnudi as president, Guido Lombardo as CEO and Lorenzo Guidi, Vittorio Grimaldi and Panfilo Tarantelli as top executives. Mirko Briozzo and Flavio Ottaviani were also appointed as top managers.
Piero Gnudi, the newly-elected president of Fonspa, commented: “The commitment undertaken by these financial experts to relaunching Fonspa Bank sends a strong message to the banking sector and to the whole industry.
“Despite having a long standing history in the country, Fonspa has had to face a long series of hardships and needs to fit in a highly competitive market.”