Extrabanca, an Italian bank mainly dedicated to people migrants, has received a €15m equity investment from Sator Private Equity Fund (SPEF) (http://www.satorgroup.com/).
With the transaction, which is still subject to authorization from Banca D’Italia, SPEF will take a 38,9% stake in the company.
The investment will help Extrabanca to execute its growth plans and open 38 new offices in the main Italian cities within 2018. Top this end, an additional €2m will be offered to new shareholders.
Founded in 2010 by Chairman Andrea Orlandini and led by CEO Paolo Caroli, Extrabanca is an independent bank that aims to favor the social inclusion of people migrants. It currently operates two offices in Milano and Brescia, where it employs 34 multilingual people.