The transaction enabled the recapitalization of Banca Progetto through a €750 million capital increase fully subscribed by the Interbank Deposit Protection Fund (“FITD”), as well as the entry of BP Holding S.p.A. - a vehicle equally owned by Banca Monte dei Paschi di Siena, Banco BPM, BPER Banca, Intesa Sanpaolo, and UniCredit - into the bank’s share capital. Following the transaction, Banca Progetto is now approximately 90% owned by BP Holding S.p.A., with the FITD holding a stake of less than 10%.

As part of the same process, the parties involved also implemented several direct and indirect derisking initiatives relating to part of Banca Progetto’s assets, supported by FITD guarantees. These measures included three securitization transactions aimed at disposing of both performing and non-performing assets.

The Hogan Lovells team that advised on the transaction was led by managing partner Italy Patrizio Messina, together with counsel Andrea Cicia and Daniela Pietrini, senior associate Roberto Trionte and associate Giorgia Carrozzo for the contractual, regulatory and derisking aspects of the transaction. Partner Paola Barometro, senior associate Federico Urbani and associate Edoardo Pea advised on the corporate aspects. Partner Domenico Gullo and associate Giulia Zammataro advised on the antitrust aspects of the transaction.