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Banca Generali Capital/Financing Update 2019
4184_rns_2019-12-19_49a30f34-a997-4e24-beb2-6ec958d1c645.pdf
Capital/Financing Update
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| Informazione Regolamentata n. 0856-53-2019 |
Data/Ora Ricezione 19 Dicembre 2019 19:33:25 |
MTA | ||
|---|---|---|---|---|
| Societa' | : | BANCA GENERALI | ||
| Identificativo Informazione Regolamentata |
: | 126045 | ||
| Nome utilizzatore | : | BCAGENERALIN03 - Pastore | ||
| Tipologia | : | 2.2 | ||
| Data/Ora Ricezione | : | 19 Dicembre 2019 19:33:25 | ||
| Data/Ora Inizio Diffusione presunta |
: | 19 Dicembre 2019 19:33:26 | ||
| Oggetto | : | PR: Banca Generali launches a issue of Additional Tier 1 instruments |
||
| Testo del comunicato |
Vedi allegato.
PRESS RELEASE
Banca Generali launches a €50 million issue of Additional Tier 1 instruments reserved for Generali Group companies
Milan, 19 December 2019 – Banca Generali S.p.A. (the "Issuer") announces that today it has defined the terms and conditions for the issuance of Additional Tier 1 instruments (the "Securities") in the total amount of €50 million that will be fully subscribed by two German non-life companies of the Assicurazioni Generali Group under a management mandate granted to Generali Insurance Asset Management S.p.A. Società di Gestione di Risparmio. The Securities will be issued on 23 December 2019. The issuance will be a private placement transaction (the "Issuance") that will increase the flexibility and efficiency of the Bank's capital.
The Issuance will replace the Tier 2 loan granted by another German insurance companies with a value of €43 million. The Bank exercised its early redemption option to increase the efficiency of its capital structure as, starting in 2020, the capital eligibility benefit of the said loan among capital items would have gradually decreased.
In accordance with applicable legislation, the main terms of the Issuance are that the Securities are perpetual and will be callable by the Issuer only as of 23 December 2024 and, subsequently, on each coupon payment date. In addition, the Securities may be redeemed for tax or regulatory reasons. Redemption of the Securities is subject to prior authorisation from the competent authority and satisfaction of the conditions established by applicable legislation.
The non-cumulative half-yearly coupon has been fixed at 4.500% per annum until 23 December 2024, and it will be subsequently re-calculated every five years.
The Securities possess the characteristics required by applicable legislation on regulatory capital to be recognised as Additional Tier 1 instruments in the Issuer's financial statements.
CONTACTS:
www.bancagenerali.com
Media Relations Michele Seghizzi Tel. +39 02 40826683
Investor Relations Giuliana Pagliari Tel.: +39 02 408 26548