Allfunds Group, a London-based B2B wealthtech platform, is set to acquire the local paying agent business of Iccrea Banca through an agreement with Italy’s BCC Iccrea Group. This move aims to strengthen Allfunds’ position in Italy’s wealth tech segment and foster a stronger partnership with the financial institution.
Facts
- Allfunds Group, a London-headquartered B2B wealth tech platform, will acquire the local paying agent business of Iccrea Banca through an agreement with BCC Iccrea Group in Italy.
- Allfunds aims to develop its position in Italy as a local paying agent business to “better serve customers” and strengthen its partnership with an important financial institution in the country.
- Italy is considered one of Allfunds’ core markets, and the acquisition is expected to contribute to the company’s ambition to remain the top choice for any Italian institution in the wealth tech segment.
- BCC Iccrea Group, formed in 2019, is the largest cooperative banking group in Italy with €173.5 billion in total assets and approximately 2,440 branches across the country.
- The agreement aligns with BCC Iccrea Group’s strategy to support asset management projects and provide greater access to financial markets for its cooperative credit banks (BCCs) and customers.
- Mauro Pastore, general manager of BCC Iccrea Group, expects the transaction to capitalize on the value of assets and further increase its solid capital ratios.
- The acquisition will be fully funded through the Allfunds Group revolving credit facility and is expected to be signed in the third quarter of this year, closing before the end of the year, subject to customary closing conditions. The specific financial terms of the transaction were not disclosed.
