Freshfields Represented Allfunds in Securing Iccrea Banca Local Paying Agent Business in Italy
Freshfields Bruckhaus Deringer (Freshfields) provided legal counsel to Allfunds Group plc (Allfunds) in its acquisition of Iccrea Banca S.p.A.'s (Iccrea Banca) paying agent business in Italy. The agreement, finalised on July 31, 2023, remains contingent upon specific customary closing prerequisites and is projected to conclude by the conclusion of 2023.
Allfunds is a prominent global B2B WealthTechplatform within the fund industry, furnishing comprehensive integrated solutions for fund houses and distributors. On the other hand, Iccrea Banca serves as the parent entity of Gruppo BCC Iccrea, the most extensive cooperative banking group in Italy. Through this strategic transaction, Allfunds will further solidify its presence in the Italian paying agent sector while simultaneously reinforcing its collaboration with a significant financial establishment in the country.
The team from Freshfields was spearheaded by partners Cyrus Pocha, Luigi Verga, and Nick Jones. They received substantial assistance from senior associate Valentina Gagliani and associate Kyle Toner.