US investment bank looking to build 10% stake in Italy's Pop Sondrio

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A large U.S. investment bank is considering building up a 10% stake in Italy's Banca Popolare di Sondrio, Il Sole 24 Ore newspaper reported on Thursday, without citing sources or naming the investor.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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18 Jan 2024

The move would also pave the way for the entry of UniCredit in the group's shareholding, the newspaper said, without giving further details and adding that UniCredit declined to comment.

Banca Popolare di Sondrio declined to comment on the report.

UniCredit CEO Andrea Orcel said there is «a lot of noise from people who try to create transactions but numbers don't fit», commenting on the report in an interview on Bloomberg TV.

In September, financial group Unipol more than doubled its stake to almost 20% in Pop Sondrio in a move that was seen as potentially driving consolidation in the sector.

Unipol also controls a near-20% stake in Italian bank BPER.

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