Italian cooperative lender Veneto Banca has started exclusive talks with Swiss bank BSI for the possible sale of its private banking unit Banca Intermobiliare (BIM).
Such a transaction would strengthen Veneto Banca’s capital base. The value of the deal remains under discussion.
Veneto Banca has been trying to sell its 71.4% controlling stake in BIM since late 2013.
Earlier in 2015, the firm found an agreement with a group of Italian investors for the sale of BIM but the European Central Bank did not authorise the transaction.