July 31, 2019
Sisal Group, a CVC portfolio company, and Banca 5, a subsidiary of Intesa Sanpaolo, have entered into an agreement to create a new company offering banking products as well as payment and transaction-oriented services in more than 50,000 businesses throughout Italy.
The new company, 70% of which will be held by Sisal Group and 30% by Banca 5, will be the first network in Italy built on a proximity banking model, offering straightforward banking products and payment services to consumers and the network of businesses that use its services anytime and anywhere through a number of channels.
Latham & Watkins represented CVC and Sisal Group in the transaction with a cross-border team led from Milan by corporate partner Antonio Coletti, formed by partner Giovanni Sandicchi and associates Giorgia Lugli, Guido Bartolomei, and Marta Carini, and in London by corporate partner Jocelyn Seitzman with associates Matthew Dunlap and Jemma Lohr McPherson. Advice was provided on finance matters by Milan partner Marcello Bragliani with associate Alessia De Coppi and London partner Jay Sadanandan with associates William Lam and Tamryn Jensen. Brussels partner Luca Crocco and associates Giuseppe Liotine and Luca Villani advised on antitrust matters.