Arpe’s Sator Agrees To Buy Banca Profilo

MILAN (Reuters) – Private equity fund Sator, owned by one of Italy’s best-known bankers, Matteo Arpe, will take control of tiny Banca Profilo (PRO.MI) in a deal which includes a 110 million euros ($139 million) capital hike, the Italian bank said.

Arpe, whose Capitalia bank was bought by UniCredit (CRDI.MI) in 2007, will take at least 51 percent of Banca Profilo in the deal, a statement on Thursday said.

Banca Profilo, which has a market capitalisation of about 52 million euros, also reported a 74 million loss for 2008 on Thursday.

Banca Profilo will be restructured to focus on private banking, the statement said.

The capital increase will be in two tranches — one worth 30 million euros offered to all shareholders and another for up to 80 million euros, reserved to Sator.

Both offers will be at 0.20 euros per share.

Banca Profilo shares — which have restricted trading hours — were indicated up 4.88 percent at 0.43 euros as the overall Milan market was down 0.92 percent.

($1=.7938 Euro)

(Reporting by Jo Winterbottom; editing by Simon Jessop)