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Credito Valtellinese considers tie-up with Tercas bank
September 11, 2013 / 4:12 PM / 4 years ago

Credito Valtellinese considers tie-up with Tercas bank

MILAN (Reuters) - Italian mid-tier lender Credito Valtellinese (PCVI.MI) said on Wednesday it was considering a possible tie-up with troubled peer Banca Tercas but that it had not taken any decision about a possible recapitalisation linked to the deal.

    In a statement Credito Valtellinese said it had recently started a due diligence on Tercas, which is currently under special administration, to evaluate the possibility of a merger among other things.

    Credito Valtellinese, which holds 7.8 percent of Tercas, said it expected to complete the due diligence by the end of September and hold a board meeting to discuss the issue on October 8. Italian newspaper MF said on Wednesday Credito Valtellinese could inject 200 million euros in Tercas, and would need a capital increase to be able to do that.

    Writing by by Danilo Masoni, ediitng by Silvia Aloisi

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