Fideuram, the recently revamped private banking arm of Intesa Sanpaolo, has been reported by Reuters Italia and the local trade press to have an interest in buying Banca Intermobiliare.
Banca Intermobiliare, which offers private banking services, has been put on the market by owner Veneto Banca at the end of 2013 as part of measures to strengthen its capital base.
Banca Intermobiliare includes asset manager Symphonia SGR.
The news pushed Banca Intermobiliare’s shares 9% up through the week to 16 February, bringing the bank’s share price to some €1.9.
Reuters Italia reported an analyst as saying that while the acquisition would not have a significant impact on the Intesa Sanpaolo Group overall, it would bring about a significant recovery for Banca Intermobiliare.
While Banca Intermobiliare would be a good fit for Fideuram’s business development plan, which aims at expanding its presence in the private banking sector as often said by Intesa Sanpaolo’s CEO, the Italian trade press has hinted at other bidders for the deal.
Pictured: Paolo Molesini, Fideuram CEO