MILAN Aug 7 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
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)