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

Credit: REUTERS/Stefano Rellandini

November 18, 2019 — 08:34 am EST

Written by Reuters ->

MILAN, Nov 18 (Reuters) - Italy's Banca Sistema BSTA.MI agreed on Monday to buy Intesa Sanpaolo's ISP.MI 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 CRDI.MI and its smaller rival Credito Valtellinese PCVI.MI 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)

((andrea.mandala@thomsonreuters.com; +390266129436;))

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