April 30, 2020 / 6:45 PM / a month ago

Italy's Credem in exclusive talks to buy Cassa di Risparmio di Cento

MILAN (Reuters) - Italian regional lender Credem (EMBI.MI) said on Thursday it had entered exclusive negotiations to buy a controlling stake in smaller rival Cassa di Risparmio di Cento.

If successful, the acquisition would strengthen Credem’s market share in its Emilia Romagna home region.

The Cento-based savings bank had become a target for Lombardy-based Banca Popolare di Sondrio (BPSI.MI), but the European Central Bank last year blocked the acquisition saying Popolare di Sondrio had to clean up its balance sheet from bad debts first.

Reporting by Andrea Mandalà; editing by Valentina Za

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