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| Date |
27/04/2001 |
| Companies
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BANCA SANPAOLO IMI - BANCO SANTANDER CENTRAL HISPANO - |
| Subject
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BSCH withdraws from Sanpaolo shareholder pact |
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BSCH has confirmed press reports that it is to end its shareholder pact agreement with Banca Sanpaolo IMI. The official confirmation merely stated that the decision would ``enable us to take the decisions which our stake in Sanpaolo allows, ’’
The decision is not thought to impact their joint ventures in the short term, most notably Finconsumo, their finance house JV. In the longer term it might. BSCH is a great proponent of strategic partnerships and has such arrangements with Commerzbank, Royal Bank of Scotland and Societe Generale. That having been said it did not take the option Commerzbank wanted last year to increase its stake from 5% to 10%, technically on the grounds of a disagreement over the valuation of ac company which was to form part payment. Likewise it is reported to have reduced its stake in SocGen. The holding in Royal Bank of Scotland it has broadly kept, though it did sell a half percent recently.
Reports say the Spanish are frustrated because the Italian Central Bank stops them from holding more than 10% of the equity in an Italian bank unless there is equal equity held by the Italian bank in the Spanish bank. This appears against various EU directives though the European Commission refuses to act. This double standard particularly annoys BSCH who were also blocked by the Portuguese in an acquisition, again operating outside of EU directives. BSCH were given a consolation prize of a few of the more minor parts of the Portuguese Mundial Coinfianca group following EU intervention, but not the main bank, Banco Pinto e Sotto Mayor. Competitor, BBVA, has also faced similar problems in Italy over its holding in Banca Nazionale del Lavoro.
The bank also released some first quarter figures which are covered in a separate item.
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