Interbanca
| Company type | Public (formerly) |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1961 |
| Fate | Absorbed into Banca IFIS |
| Headquarters | Milan , Italy |
Area served | Italy |
Interbanca S.p.A. was an Italian merchant bank that concentrated on providing loans and financial solutions to medium-sized enterprises. Its main office was located in Milan, with a network of 10 branches situated in key cities across Italy.
Following multiple acquisitions within the Italian banking industry, Interbanca became part of Banco Santander. In March 2008, GE Commercial Finance acquired the institution, subsequently rebranding it as GE Capital Interbanca. Later, in November 2016, Banca IFIS purchased the bank as GE aimed to streamline its financial services operations. Within this group, Interbanca functioned under Banca IFIS Impresa.
History
Established in 1961 by a group of banks including Banco Ambrosiano, Banca d'America e d'Italia, and Banca Nazionale dell'Agricoltura, Interbanca initially specialized in medium-term credit facilities. By 1997, it was incorporated into Banca Antonveneta, which had acquired Banca Nazionale dell'Agricoltura two years later in 1999. That same year, Antonveneta floated Interbanca on the stock market but completed a full buyback by 2003.
In 2006, ABN AMRO took over Antonveneta, which was subsequently acquired by a consortium comprising The Royal Bank of Scotland Group, Fortis, and Santander. Control of Antonveneta passed to Banco Santander in October 2007; the following month, Santander sold Antonveneta to Banca Monte dei Paschi di Siena at a premium of 36%, while retaining ownership of Interbanca.
Santander divested Interbanca to GE Commercial Finance in March 2008, in exchange for GE Money’s operations in Germany, Finland, Austria, and its UK card and auto financing businesses.
By May 2015, GE enlisted Deutsche Bank to manage the sale of Interbanca, which reported net assets above €1 billion.
In 2016, Banca IFIS acquired Interbanca for €160 million and took on the responsibility of repaying €2.1 billion in inter-company debt owed to GE.
Interbanca was officially absorbed into Banca IFIS on 23 October 2017.