September 26, 2019 / 5:57 AM / 2 months ago

Italy's Popolare di Bari close to buying small bank - CEO to press

MILAN, Sept 26 (Reuters) - Italian cooperative bank Popolare di Bari is close to making three acquisitions, including a small bank, chief executive Vincenzo De Bustis said in an interview with daily Il Sole 24 ore published on Thursday.

De Bustis said the bank expected to close the merger with a small bank and “two other instrumental vehicles” by the end of this year, but didn’t provide any further details on the planned purchases.

These deals will allow Popolare di Bari to transform about 350 million euros ($383 million) of deferred tax assets into capital, thanks to incentives set by Rome to spur M&A deals among banks in central and southern Italy, he added.

De Bustis said the troubled bank would then split in two: a cooperative lender and a new multi-channel bank to be listed.

$1 = 0.9127 euros Reporting by Giulio Piovaccari Editing by Shri Navaratnam

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