Banca Fideuram Takes Full Control Of Wargny

European Report, Oct 11, 2000

The Italian bank Banca Fideuram (subsidiary of the Sanpaolo IMI group) has announced that agreement has been reached on its acquisition for a undisclosed sum of 100% of Wargny Associes, the holding owned by the French stock market operators Wargny. The transaction will be settled in cash, funded entirely from a Euro 200 million loan from the Banca Fideuram in October 1999.

The Italian bank proposes to transform Wargny into a private fund management bank through the development of capital management services for wealthy clients via a network of financial advisors and a personalised assistance system. The Wargny family holds a 75% stake in Wargny and the German Dresdner Bank19% (through its Banque Internationale de Placement subsidiary), the remainder being held by private investors. Wargny, which has a workforce of some 200, is active in asset management, intermediating and on-line brokerage. It posted net profit of Euro 7.1 million in 1999 from a turnover of 47.8 million.