Santander Consumer Bank S.p.A.’s Joint Venture Agreement With TIM S.p.A.


Clifford Chance provided assistance to Santander Consumer Bank S.p.A. in the context of a joint venture agreement with TIM S.p.A., assisted by BonelliErede.

The agreement is aimed at launching a consumer credit platform dedicated to TIM’s customers. The new partnership will be based in Turin (Italy) and will be 51% controlled by Santander Consumer Bank S.p.A. and 49% by TIM S.p.A.

Banco Santander is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas, and is the largest bank in the euro zone by market capitalization. At the end of June 2019, Banco Santander had EUR 1.03 trillion in customer funds (deposits and mutual funds), 142 million customers, 13,000 branches and 200,000 employees. Banco Santander made underlying profit of EUR 4,045 million in the first half of 2019, an increase of 2% in constant euros compared to the same period last year.

TIM is the main Italian telco operator, with operations also in Brazil with TIM Brasil. Relying on its advanced landline and mobile UBB network infrastructures and thanks to the deployment of the new 5G technology, TIM offers smart connectivity, innovative digital products and services, ICT solutions for businesses and retail, along with exclusive entertainment and sports contents with TIMVISION, its TV proposition.

Clifford Chance assisted Santander Consumer Bank S.p.A. with a multi-practice team led by Partner Lucio Bonavitacola (Picture) with Senior Associate Alberto Claretta Assandri for regulatory profiles (both Banking & Finance, Milan), together with Partners Paolo Sersale and Umberto Penco Salvi, with Counsel Filippo Isacco and Associate Elisa Ielpo (all Corporate, Milan) for Corporate M&A aspects and Senior Associate Andrea Tuninetti Ferrari on Intellectual Property profiles.

BonelliErede advised TIM S.p.A. with a team led by partners Emanuela Da Rin and Enrico Vaccaro, assisted by associate Edoardo Fratini and Silvia Rometti. Partner Tommaso Faelli and associate Giulia Tenaglia acted on IP matters, while partner Claudio Tesauro and associate Filippo Caliento advised on antitrust law.

Involved fees earner: Filippo Caliento – BonelliErede; Emanuela Da Rin – BonelliErede; Tommaso Faelli – BonelliErede; Edoardo Fratini – BonelliErede; Silvia Rometti – BonelliErede; Giulia Tenaglia – BonelliErede; Claudio Tesauro – BonelliErede; Enrico Vaccaro – BonelliErede; Alberto Claretta Assandri – Clifford Chance; Lucio Bonavitacola – Clifford Chance; Elisa Ielpo – Clifford Chance; Filippo Isacco – Clifford Chance; Umberto Penco Salvi – Clifford Chance; Paolo Sersale – Clifford Chance; Andrea Tuninetti – Clifford Chance;

Law Firms: BonelliErede; Clifford Chance;

Clients: Santander Consumer Bank S.p.A.; Tim;