Banca IFIS and Banca Popolare di Vicenza entered into an agreement for the distribution of factoring and related financial services developed by Banca IFIS through the over 450 branches of Banca Popolare di Vicenza present in Italy. Subsequently, the two banks enhanced their cooperation through reciprocal investment. Banca IFIS subscribed part of the ordinary issue of Banca Popolare di Vicenza for a value of about 9 million Euro (around 0.2% of the capital), while Banca Popolare di Vicenza bought Banca IFIS shares on the market for a total of about five million Euro (about 1.8% of the share capital).

For Banca IFIS this agreement represents a further step in expanding the Bank’s local presence.