Italian bank Credito di Romagna has renamed itself Solution as part of its renewal process following the entry of SC Lowy into its capital as its majority shareholder last year.
The international investment banking and financial group SC Lowy acquired more than 90% of the lender from the Emilia Romagna region in April 2018 for an overall amount of €50m.
Following the operation, Solution is today a traditional and international bank with innovative solutions, both for private individuals and for business, and aims to be one of the first specialty finance challenger bank in Italy, says the bank.
In fact, while Solution strengthens its offer of traditional retail banking products such as asset management, the possibility of obtaining loans and mortgages and the opportunity to be able to invest, at the same time today Solution is also a corporate & investment bank providing services to territorial and national companies based on ordinary credit and specialized credit, in special or project situations.
Maurizio Barnabè, general manager of Solution, says: "This transformation is a further step in the way of renewal and reinforcement of the Bank, consistent and punctual with a strategic plan that, in a way, has consolidated and strengthened the traditional activity of commercial bank on the territory with services for businesses and families, but at the same time extends to new business lines dedicated to the management of syndicated loans and illiquid assets, including non-performing loans and special situations, as well as the development of a credit and investment business. "
Founded in 2003 and headquartered in Forlì, (North-East of Italy, Emilia Romagna), Credito di Romagna is the reference bank for local families, self-employed workers and SMEs. It has 11 branches across the main Italian cities including Forlì and Bologna, Rimini, Cesena, Ravenna, Faenza, Lugo and Imola. With 125 employees and over 25,000 clients, including 6,000 corporates, the Bank had €650m of total assets as of December 2017.
SC Lowy is an international banking and financial group specialized in fixed income. The firm uses its balance sheet to facilitate primary issuance, secondary trading and investments focused on corporate bonds, loans, trade claims and special situations.
Headquartered in Hong Kong, with offices in London, Milan and Seoul, the Group was established in 2009 and prior to the Credito di Romagna acquisition had over 100 employees. In addition to its traditional banking clients, SC Lowy has built a global, institutional client network of over 800 international and regional banks, asset managers, hedge funds, private equity and pension funds, family offices and corporations. SC Lowy has carried out transactions of over $65bn since inception, placing itself among the leading operators in fixed income in EMEA and the APAC regions.