The operation

Banca Progetto changes ownership: Centerbridge takes over from Oaktree

The US fund Centerbridge is to acquire Banca Progetto from Oaktree, disrupting the bank's listing plans

4 September 2024

1' min read

Banca Progetto changes hands. According to Sole 24 Ore, the transfer of ownership from the Oaktree fund - sole shareholder (99.8%) with the Luxembourg vehicle Bpl Holdco - to the American Centerbridge fund is now imminent.

Since last year, Banca Progetto had been sounding the market for a long time with a view to a possible listing, which was to take place in the second quarter of this year.

Last April, following the filing of the prospectus, Centerbridge had approached the dossier and made a non-binding offer at a figure higher than the probable valuation (up to EUR 600 million) of the listing.

Faced with this news, Oaktree had halted the Ipo process and started negotiations, which according to market rumours were to focus on the sale of only a minority stake of around 35-40%.

Contacted on the subject, the bank had no comment.

Banca Progetto, an institution led byPaolo Fiorentino, closed 2023 with growing results. Net profit reached 71.9 million euro, up 38.3% from 52 million euro at the end of 2022.

The group chaired by Massimo Capuano showed total assets of EUR 8.5 billion and a CET 1 Ratio of 17.4%, which compares with total assets of EUR 6.7 billion and a CET 1 Ratio of 17.2% recorded at the end of 2022, respectively.