Private equity to the rescue

Italian-based private equity firm Sator Private Equity has made a €110m investment in Italian bank Banco Profilo.

The board of directors of Banco Profilio has approved a wider restructuring plan of the Bank’s activities, reviewing the business model focused on the private banking sector – a move also encouraged by the insertion of Sator’s management resources. Sator will take at least a 51% controlling stake in the struggling bank.

The €110m recapitalisation of the bank through a share capital increase will be composed of two tranches. Thirty million euro will be offered in options to shareholders and €70m which may be extended up to €80m, reserved for Sator.