06 nov 2024
Banca Progetto has undergone a significant ownership change as Oaktree Capital Management sold its controlling stake to Centerbridge Partners.
This marks a new chapter for the bank, led by CEO Paolo Fiorentino, who aims to explore international expansion while maintaining a strong focus on the Italian market and SMEs.
The acquisition follows months of negotiations and a halted IPO plan.
Centerbridge's interest in Italian banking assets is longstanding, and this acquisition aligns with their strategic goals.
Banca Progetto plans to continue its growth trajectory by expanding its product offerings and leveraging Centerbridge's financial expertise.
Banca Progetto has entered a new phase with the acquisition of its controlling stake by Centerbridge Partners from Oaktree Capital Management.
This transition, confirmed after extensive negotiations, signifies a strategic shift for the bank, which has been under the leadership of CEO Paolo Fiorentino since 2019.
Fiorentino views this as a recognition of the bank's growth and a chance to explore international opportunities while maintaining a strong presence in Italy and focusing on small and medium-sized enterprises (SMEs). The acquisition follows a period of halted IPO plans, with Centerbridge offering a deal slightly below the anticipated market valuation but attractive enough for Oaktree to exit its investment.
Centerbridge, a multistrategy firm with assets exceeding $32 billion, has shown consistent interest in Italian banking assets, previously engaging with Banca Progetto and other Italian banks.
Banca Progetto, originally launched by Oaktree in 2015, has seen significant growth, particularly in digital lending to SMEs, leveraging guarantees during the COVID-19 pandemic.
The bank aims to continue its growth by expanding its product range and increasing its market share, supported by Centerbridge's financial expertise.