Banco Desio offer for Popolare Spoleto wins commissioners backing

MILAN Wed Mar 12, 2014 2:20pm EDT

A woman looks at graffiti on Banco Desio bank's window in front of Milan's stock exchange during a demonstration against government in Milan, March 31, 2012. REUTERS/Alessandro Garofalo

A woman looks at graffiti on Banco Desio bank's window in front of Milan's stock exchange during a demonstration against government in Milan, March 31, 2012.

Credit: Reuters/Alessandro Garofalo

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MILAN (Reuters) - Italian mid-sized lender Banco Desio (DESI.MI) said on Wednesday its offer to rescue Banca Popolare di Spoleto (BPSP.MI) had won the backing from the commissioners running the troubled peer.

Desio said in a statement it was told by the commissioners that its binding offer presented on December 5 was seen as "the most adequate" to restructure Popolare di Spoleto.

Banco Desio said it was asked to get in touch with the commissioners to finalize the details of the takeover.

Popolare Spoleto has been looking for a buyer after being put under special administration by the Bank of Italy last year following an inspection that showed "serious irregularities and large expected capital losses".

When Desio announced its intention to make an offer for Popolare Spoleto last year, the lender said it would not need a capital increase to complete the acquisition.

Apart from Banco Desio, another offer was presented by a group of Italian investors, mainly from the Umbria region.

(Reporting by Agnieszka Flak, editing by Danilo Masoni)

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