Intermobiliare denies press report of management buyout
MILAN, June 7
MILAN, June 7 (Reuters) - Italian private bank Banca Intermobiliare denied on Friday press report which suggested its vice-president was in advanced talks with a group of investors to buy out the bank.
"The conclusions of the media report are groundless," said Banca Intermobiliare in a statement, adding, however, that options to extract value from the private banking activities are under review.
Veneto Banca, which owns 71 percent of Banca Intermobiliare, said in March it was looking at ways to extract more value from the private banking division of Banca Intermobiliare and was considering involving third parties in the process.
(Reporting by Francesca Landini)
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