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Italy's BPER moving closer to acquisition of CariFerrara
January 13, 2017 / 4:33 PM / 10 months ago

Italy's BPER moving closer to acquisition of CariFerrara

MILAN, Jan 13 (Reuters) - Popolare Emilia Romagna is moving closer to a possible acquisition of CariFerrara, one of four small banks that the Bank of Italy has been looking to sell since they were rescued from bankruptcy in November 2015.

The sale of loss-making CariFerrara, would help Italy solve one of its banking headaches after UBI Banca on Thursday announced it was buying the other three rescued lenders.

UBI offered just 1 euro to take over Banca Marche, Banca Etruria and CariChieti and attached a number of conditions to the deal to limit its risks. Shares in UBI rose 9.7 percent by 1624 GMT after soaring 9 percent on Wednesday.

A spokesman for BPER confirmed the bank was “at an advanced stage” in studying a possible acquisition of CariFe. (Reporting by Gianluca Semeraro, writing by Valentina Za, editing by Giulia Segreti)

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