November 3, 2015 / 12:10 PM / 2 years ago

Veneto Banca in talks to sell private banking unit to BSI

MILAN (Reuters) - Italy’s Veneto Banca is discussing the possible sale of its private banking unit Banca Intermobiliare to Swiss bank BSI in a deal that would help it beef up its weak capital base.

The unlisted cooperative lender said on Tuesday it had entered on Oct. 23 a three-week period of exclusive talks with BSI. The value of the deal is still under discussion, it said in a statement.

Italian paper Il Messaggero reported on Tuesday BSI had presented an offer worth 280 million euros for a majority stake in Banca Intermobiliare.

Veneto Banca, one of 13 Italian banks under direct European Central Bank oversight, is also preparing to raise up to 1 billion euros in cash from investors to comply with capital requirements.

The agreed sale of BIM to a group of Italian investors fell through earlier this year as the ECB failed to give a green light to the deal.

Reporting by Valentina Za; editing by Francesca Landini

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