Fitch Withdraws Iccrea Holding's Ratings on Merger With Iccrea Banca
ICCREAH and ICCREAB completed the merger as part of the Iccrea banking group's strategy to simplify the corporate structure. The transaction is part of Iccrea group's reorganisation to meet the new regulatory requirements set by the reform of the Italian mutual banking sector of the Banche di Credito Cooperativo (BCCs). After the merger, all functions formerly undertaken by ICCREAH are transferred to ICCREAB, which becomes the new parent bank of the Iccrea group and will become the parent bank of the mutual banking group in future.
KEY RATING DRIVERS
IDRS, VR, SUPPORT RATING AND SUPPORT RATING FLOOR
The ratings were withdrawn because ICCREAH ceased to exist as a legal entity on 1 October 2016. As a result, Fitch will no longer provide ratings or analytical coverage for this entity.