IBL Banca Acquires Creditis from Chenavari Investment Managers
Deal News | Feb 13, 2025 | Finance Community IT - 1 Corporate M&A
IBL Banca, a leading independent banking group, has agreed to acquire 100% of Creditis, a financial intermediary specializing in consumer credit, from Chenavari Investment Managers. The deal includes the acquisition of a 60% stake in Fincentro Finance, a distribution partner of Creditis. The transaction, subject to approval from Banca d'Italia, aims to strengthen IBL Banca's position in the consumer credit sector and expand its product portfolio with direct personal loans and revolving credit cards. Legal and financial advisors assisted both parties: Kitra Advisory and Legance for IBL Banca, while Chenavari was advised by UniCredit, Stephens, Greenberg Traurig Milano, and Studio Tremonti. Creditis, established in Genoa in 2008, serves over 60,000 clients across Italy and emphasizes rapid and efficient service delivery. The acquisition aligns with IBL Banca's growth strategy within its core business areas and enhances its innovation and diversification potential. Concurrently, Chenavari highlights this divestment as a strategic milestone in its investment activities in credit platforms.
Sectors
- Banking
- Consumer Finance
- Private Equity
Geography
- Italy – Both IBL Banca and Creditis operate primarily in Italy, and the transaction is subject to the approval of the Italian central bank, Banca d'Italia.
Industry
- Banking – The article involves IBL Banca, a significant player in the banking industry acquiring a financial entity.
- Consumer Finance – Creditis, the target company, operates in the consumer finance sector, specializing in consumer credit.
- Private Equity – Chenavari Investment Managers is a private equity firm involved in the transaction as the seller of Creditis.
Financials
- 100% – IBL Banca acquired 100% of Creditis.
- 60% – IBL Banca acquired a 60% stake in Fincentro Finance.
- 10 billion euros – IBL Banca's reported balance sheet total by the end of 2024.
- 1.3 billion euros – The gross amount disbursed by IBL Banca in the personal credit sector in 2024.
- 90 million euros – The net assets of Creditis.
- 600 million euros – The total assets of Creditis.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| IBL Banca | Acquirer | Company | IBL Banca is a leading independent banking group in Italy that acquired Creditis to enhance its consumer credit offerings. |
| Creditis | Target Company | Company | Creditis is a financial intermediary specializing in consumer credit, with over 60,000 clients in Italy. |
| Chenavari Investment Managers | Seller | Company | Chenavari Investment Managers is a private equity firm that sold Creditis to IBL Banca. |
| Kitra Advisory | Financial Advisor to IBL Banca | Company | Kitra Advisory provided financial advisory services to IBL Banca in the transaction. |
| Legance | Legal Advisor to IBL Banca | Company | Legance served as legal advisor to IBL Banca for the acquisition. |
| UniCredit | Financial Advisor to Chenavari | Company | UniCredit acted as a financial advisor to Chenavari Investment Managers. |
| Stephens | Financial Advisor to Chenavari | Company | Stephens provided financial advisory services to Chenavari Investment Managers. |
| Greenberg Traurig Milano | Legal Advisor to Chenavari | Company | Greenberg Traurig's Milan office acted as legal advisor to Chenavari. |
| Studio Tremonti | Legal Advisor to Chenavari | Company | Studio Tremonti provided legal advisory services to Chenavari Investment Managers. |