Italian cooperative bank Veneto Banca has entered into exclusive talks with Swiss bank BSI for the possible sale of its private banking unit Banca Intermobiliare (BIM).
The transaction, whose value of the transaction is still under discussion, could help Veneto Banca to strengthen its capital base.
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As part of the deal, Veneto Banca had entered a three-week period of exclusive talks with BSI to buy up 70% of BIM.
Earlier in 2015, Veneto Banca has signed an agreement with a group of Italian investors for the sale of BIM but the European Central Bank did not approve the transaction due to its lack of transparency.
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By GlobalData
