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Ferrari boss takes stake in private bank
11/08/2014 , News Team

Ferrari president Luca Cordero di Montezemolo is among 16 investors who have bought a 51.4 percent stake in private bank, Bank of Intermobiliare Investment and Management (BIM), for EUR 289 million.

The stake was sold by Banca Veneto which has been looking to strengthen its capital base.

The bank has also signed an agreement for the sale 55 percent of the share capital of Banca IPIBI Financial Advisory (IPIBI), which along with BIM stake sale is expected to add 73 basis points to the lender's Common Equity Tier 1 capital ratio.
 
Veneto president Francesco Favotto said: "The sale of BIM is the last of the major milestones of the capital strengthening plan launched in November 2013." 

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