Italy's Banca Etruria to seek new merger partners after Pop Vicenza bows out

MILAN, June 19 Thu Jun 19, 2014 1:52pm EDT

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MILAN, June 19 (Reuters) - Italian mid-sized lender Banca Etruria said its chairman would sound out the market for possible merger partners after larger rival Popolare di Vicenza broke talks about a planned takeover of the Tuscan bank.

In a statement, the bank said its board had given a mandate to Chairman Lorenzo Rosi to find new partners.

The board of Banca Etruria failed to give a preliminary positive assessment on a binding offer Popolare Vicenza submitted at the end of last month, a condition the suitor had said was necessary for the offer to be valid.

Popolare Vicenza said on Tuesday conditions were no longer in place to continue negotiating as it would not consider amending its proposal.

(Reporting by Silvia Aloisi)

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