November 18, 2019 / 1:39 PM / 18 days ago

Italy's Banca Sistema to buy Intesa's gold-backed loan business

MILAN, Nov 18 (Reuters) - Italy’s Banca Sistema agreed on Monday to buy Intesa Sanpaolo’s gold and jewellery-backed loans business, in a move to strengthen its position in the collateral loan sector that pushed its shares up as much as 6.5%.

Banca Sistema said the investment would be carried on together with some banking foundations.

In the last two years Italy’s biggest bank UniCredit and its smaller rival Credito Valtellinese sold their pawncredit businesses to the Austrian pawncredit service provider and auction house Dorotheum Group.

Reporting by Andrea Mandalà; editing by James Mackenzie and Louise Heavens

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