BPER CEO says merger with unlisted bank would be very difficult (translated)
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BPE&R, the listed Italian cooperative bank, would find it very hard to merge with an unlisted bank, Italian language daily Il Sole 24 Ore reported. The report cited BPER CEO Alessandro Vandelli who said that it would be some months before BPER would be able to determine whether a merger with another cooperative bank was a possibility.
Vandelli added that BPER was now in a period of transition following recent government legislation requiring medium-sized cooperative banks to become joint stock companies, the report noted. Vandelli said there were presently no official dossiers in play.
The comments dampen speculation that BPER could try for a merger with unlisted cooperative banks Banca Popolare di Vicenza and Veneto Banca, the report noted. Veneto Banca in particular was thought to be a prime target for BPER, according to the report.
BPER chairman Ettore Caselli said in the last few days that listed Italian cooperative bank BPM was a prime merger candidate for BPER for “many reasons.”
BPER has a market cap of EUR 3.72bn.
Sourced from print copy: pge 33
Il Sole 24 Ore