Intesa offers to cherry pick parts of Veneto and Vicenza

By Jasper Cox
22 Jun 2017

Intesa Sanpaolo announced on Wednesday that it was willing to acquire parts of struggling Italian lenders Veneto Banca and Banca Popolare di Vicenza. But the Italian national champion ruled out buying the banks’ subordinated bonds, non-performing loans and high-risk performing loans.

Intesa also said that any deal would have to be “fully neutral in terms of the common equity tier one ratio and the dividend policy of the Intesa Sanpaolo group”. It ruled out raising capital to take on parts of the two ailing banks.

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