Prospectus - Notowania

New Group external growth initiatives
The Pioneer conglomerate
Partnership with the Fortress group in the real estate sector
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In order to increase the value of the closed-end real estate fund management business of Pioneer Investment
Management SGR SpA (“PIM SGR”), a wholly-owned subsidiary of Pioneer Global Asset Management SpA (“PGAM”),
this past April, PIM SGR acquired an equity interest of 37.5% in Torre SGR SpA (a real estate fund management
company under the Fortress Investment Group LLC, which in turn is an alternative management company listed on the
New York Stock Exchange) as part of a capital increase of the aforesaid company reserved for PIM SGR and subscribed
by the latter through the contribution of its “real estate funds” business unit (comprised essentially of 6 real estate funds:
“UniCredito Immobiliare Uno,” “Pioneer RE Brixia,” “Pioneer RE Turin,” “Pioneer RE STAR,” “Pioneer RE Capital Fund”
and “Pioneer RE AMG”).
The transaction was carried out as part of the project aimed at increasing the value of the Pioneer Group’s real estate
management business in Italy together with a strategic partner in the real estate asset management sector for the
purpose of (i) creating a partnership with an international major player in the real estate sector, in order to combine its
expertise in the sector with the distribution capability and the access to institutional and retail capital of Pioneer and of
the group that it belongs to, and consequently to (ii) satisfy the needs of the UniCredit network in terms of management
of existing business, product innovation, fleshing out the range of products offered to its retail and institutional customers,
generating new business and consequent commission flows, as well as to (iii) create value for investors.
The HVB conglomerate
Agreement with NewSmith Capital Partners
Pursuant to the agreement entered into with NewSmith Capital Partners LLP, in October 2009 HVB acquired 100% of
NewSmith Financial Products LLP (“NSFP”) and NewSmith Financial Solutions Ltd (“NSFS”), subsidiaries of NewSmith
Capital Partners LLP, for a total consideration of approximately £50.9 million (approximately €60 million), after the
obtainment of the required regulatory approvals.
As part of this transaction, the Group acquired a team of highly experienced professionals with diverse backgrounds
dedicated to managing the Markets and Credit business areas according to a customer-based model with the aim of
reducing the risk profile and the absorption of capital.
Other transactions involving subsidiaries/associates
JSCB Ukrsotsbank
This past May, the subsidiary JSCB Ukrsotsbank (“USB”), of which BA directly or indirectly holds 94.47% of the capital
stock, launched a capital increase in the amount of UAH 500 million (equal to approximately €53 million) in order to fulfil
the requirements of the Ukrainian Central Bank in view of the country’s financial situation.
For this transaction, BA assumed an overall expense of approximately €50 million, and the overall equity interest held
(directly and indirectly) in USB reached 95.34% of the capital stock.