Italy’s UBI Banca is in exclusive talks with insurer Aviva to sell a minority stake in its Banca Popolare di Ancona unit, a source close to the issue said on Thursday.
The source said due diligence was under way. Aviva bought 50 percent plus one share of UBI Banca’s life insurance unit in 2008 for 65 million euros (57.6 million pounds).
The Radiocor news agency said the stake could be up to 20 percent of Pop Ancona. However, the source put the possible stake at up to 10 percent.
“We’re talking about a small stake for a small sum,” said the source, who spoke on condition of anonymity.
UBI declined to comment.
Pop Ancona has 259 branches and had profits of 137 million euros in 2008.
With Reuters
