Interbanca

Interbanca was an Italian merchant bank established in 1961 as Interbanca – Banca per i Finanziamenti a Medio Termine. It was created by a consortium of Banco Ambrosiano, Banca d'America e d'Italia, and Banca Nazionale dell'Agricoltura to provide medium-term financing to businesses, particularly medium-sized Italian companies. Its core activities placed it between conventional commercial banking and broader corporate finance, with lending and transaction-financing services designed for enterprises requiring funding beyond ordinary short-term banking facilities. The bank developed a nationwide Italian presence, with headquarters in Milan and branches in major Italian cities. Its ownership changed repeatedly as the Italian banking sector consolidated. By 1997, Interbanca was controlled by Banca Antonveneta. Antonveneta acquired Banca Nazionale dell'Agricoltura in 1999, and Interbanca was listed on the stock exchange in June of that year. The listing period was relatively brief: in February 2003, Antonveneta completed the acquisition of the remaining shares and took Interbanca private. Interbanca was subsequently affected by the international restructuring of the Italian banking market. ABN AMRO acquired Antonveneta in 2006. In 2007, ABN AMRO was acquired by a consortium formed by The Royal Bank of Scotland Group, Fortis, and Banco Santander. Santander took control of Antonveneta in October 2007 and sold that bank to Banca Monte dei Paschi di Siena in November of the same year, while retaining Interbanca. In March 2008, Santander sold Interbanca to GE Commercial Finance in a wider exchange involving several GE Money businesses in Germany, Finland, Austria, and the United Kingdom. Under GE ownership, the bank was renamed GE Capital Interbanca. In 2015, GE appointed Deutsche Bank to manage a sale process as GE began reducing its financial-services operations. Banca IFIS acquired Interbanca in November 2016. The transaction was reported as having a purchase price of €160 million, alongside an obligation for the buyer to repay approximately €2.1 billion of intercompany debt to GE; these figures are transaction-specific and should not be interpreted as revenue or market capitalization. Following the acquisition, Interbanca was incorporated into Banca IFIS's business structure, including the Banca IFIS Impresa division. The legal entity was merged into Banca IFIS on 23 October 2017, ending Interbanca's independent existence. The brand's historical significance lies primarily in its role as a specialist Italian lender to medium-sized enterprises and in the way its ownership traced the successive waves of consolidation involving Antonveneta, Santander, GE Capital, and Banca IFIS.

Interbanca was founded in 1961 as Interbanca – Banca per i Finanziamenti a Medio Termine by a consortium of Banco Ambrosiano, Banca d'America e d'Italia, and Banca Nazionale dell'Agricoltura. Its original purpose was to provide medium-term financial support to businesses, with an emphasis on lending and financing transactions for medium-sized firms. The bank was headquartered in Milan and maintained branches in major Italian cities, giving it a national operating footprint. The institution's subsequent history followed the consolidation of Italian banking ownership. By 1997 it was controlled by Banca Antonveneta. In 1999, Antonveneta acquired Banca Nazionale dell'Agricoltura, one of the banks represented in Interbanca's founding consortium. Antonveneta listed Interbanca on the Italian stock exchange in June 1999, but later consolidated ownership. In February 2003, Antonveneta completed the acquisition of all outstanding Interbanca shares, ending the bank's independent listed status. A further ownership transition resulted from the takeover of Antonveneta by ABN AMRO in 2006. ABN AMRO was itself acquired in 2007 by a consortium consisting of The Royal Bank of Scotland Group, Fortis, and Banco Santander. Santander assumed control of Antonveneta in October 2007 and sold Antonveneta to Banca Monte dei Paschi di Siena in November. Santander retained Interbanca temporarily rather than transferring it with Antonveneta. In March 2008, Santander sold Interbanca to GE Commercial Finance in exchange for several GE Money operations in Germany, Finland, Austria, and the United Kingdom. The bank was subsequently renamed GE Capital Interbanca. Its business remained centered on corporate and medium-term financing in Italy, but its ownership now formed part of GE's wider financial-services portfolio. GE later pursued a reduction of its financial-services activities. In May 2015, Deutsche Bank was appointed to conduct a sale process for Interbanca. Banca IFIS agreed to acquire the bank in 2016. The reported purchase price was €160 million, with the transaction also involving an obligation to repay approximately €2.1 billion in intercompany debt owed to GE. These amounts describe the acquisition structure and associated obligations rather than recurring operating performance. The acquisition was completed in November 2016, and Interbanca was placed within Banca IFIS's business-finance organization, including the Banca IFIS Impresa division. The integration was completed through a legal merger with Banca IFIS on 23 October 2017. As a result, Interbanca ceased to exist as a separate bank and its activities and historical customer franchise were absorbed into the acquiring group's operations.

• 2017

  Merger into Banca IFIS

  [1]Interbancaen.wikipedia.org

  Interbanca is legally merged with Banca IFIS on 23 October, ending its separate corporate existence.

• 2016

  Acquisition by Banca IFIS

  [1]Interbancaen.wikipedia.org

  Banca IFIS purchases Interbanca from GE as GE reduces its financial-services operations.

• 2008

  Transfer to GE Commercial Finance

  [1]Interbancaen.wikipedia.org

  Banco Santander sells Interbanca to GE Commercial Finance in a broader portfolio exchange.

• 2003

  Full acquisition by Antonveneta

  [1]Interbancaen.wikipedia.org

  Antonveneta acquires the remaining shares and makes Interbanca wholly owned.

• 1999

  Stock-market listing

  [1]Interbancaen.wikipedia.org

  Antonveneta lists Interbanca on the Italian stock exchange in June.

• 1997

  Banca Antonveneta gains control

  [1]Interbancaen.wikipedia.org

  Interbanca becomes controlled by Banca Antonveneta.

• 1961

  Interbanca is founded

  [1]Interbancaen.wikipedia.org

  A banking consortium establishes Interbanca – Banca per i Finanziamenti a Medio Termine to provide medium-term financing for businesses.

A specialist merchant bank serving Italian medium-sized companies through medium-term lending and corporate financing.

• Corporate banking

  Medium-term corporate loans

  Interbanca's principal banking role was the provision of medium-term loans to businesses. The bank was oriented toward financing needs that extended beyond ordinary short-term working-capital facilities, with a particular focus on Italian medium-sized companies.

• Corporate finance

  Transaction financing

  The bank financed transactions undertaken by medium-sized enterprises. Available descriptions identify transaction financing as a core activity, although the source material does not provide a detailed breakdown of individual instruments or sectors.

• 2017

  Legal merger with Banca IFISStrategy

  Background

  Following the 2016 acquisition, Banca IFIS integrated Interbanca into its own business structure.

  Action taken

  Interbanca was merged with Banca IFIS on 23 October 2017.

  Aftermath

  The Interbanca legal entity and independent brand ceased operating as a separate bank.

  Source

• 2016

  Banca IFIS acquires InterbancaM&A

  Background

  GE was reducing its financial-services division and initiated a sale process, with Deutsche Bank appointed to assist in 2015.

  Action taken

  Banca IFIS acquired Interbanca in November 2016 and placed it within the group's business-finance activities.

  Aftermath

  The reported purchase price was €160 million, accompanied by an obligation to repay approximately €2.1 billion of intercompany debt to GE. Interbanca was subsequently merged into Banca IFIS.

  Reported acquisition price and intercompany debt obligation. €160 million purchase price; approximately €2.1 billion intercompany debt obligation (November 2016 transaction)

  Source

• 2008

  Santander transfers Interbanca to GE Commercial FinanceM&A

  Background

  Banco Santander retained Interbanca after selling Antonveneta, while restructuring its wider financial-services holdings.

  Action taken

  Santander sold Interbanca to GE Commercial Finance in exchange for GE Money businesses in Germany, Finland, Austria, and the United Kingdom, including card and auto-financing operations in the UK.

  Aftermath

  Interbanca operated under the GE Capital Interbanca name and became part of GE's financial-services portfolio.

  Source

1. 1Interbancaen.wikipedia.org