Shareholders of Banca Italease, the Italian leasing and factoring group approved the issue of 15.5 million new shares and gave the board of directors a mandate to proceed with an IPO on the Milan stock exchange.
Shareholders also approved the group's 2004 accounts, which showed net profit up 185 per cent on the previous year, at Ђ44.2m. The group's return on equity rose from 5.5 per cent in 2003 to 13.8 per cent last year, while its cost to income ratio dropped from 42.9 to 37.4 per cent over the same period.
Source: Europe Intelligence Wire
