Italy's Banca Veneto sells 51.4 pct in Intermobiliare unit

MILAN Thu Aug 7, 2014 2:06pm EDT

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MILAN Aug 7 (Reuters) - Italy's Banca Veneto on Thursday signed a deal to sell a 51.4 percent stake in private banking unit Banca Intermobiliare for 289 million euros as part of measures to strengthen the regional lender's capital base.

The stake was sold to a group of 16 investors including Ferrari president Luca Cordero di Montezemolo. The price tag amounts to 3.60 euros per share, Veneto Banca said in a statement.

It said the sale, combined with the selldown of its controlling stake in the Banca IPIBI unit announced earlier on Thursday, would add 73 basis points to its Common Equity Tier 1 capital ratio, a key measure of financial strength.

The unlisted bank is one of 15 Italian lenders being scrutinised by the European Central Bank in a check-up of banking assets. The ECB will officially take on oversight of euro zone lenders from national authorities in November.

Veneto Banca will keep a 20 percent stake in Intermobiliare after the transaction is completed.

The mandate to sell its holding stake was given to Rothschild. Banca Intermobiliare is currently worth around 480 million euros ($650.7 million) on the market.

Shares in Banca Intermobiliare closed 0.56 percent lower on Thursday at 3.188 euros.

(Reporting by Oleg Vukmanovic, editing by David Evans)

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