Poste Italiane bids for Unicredit division

Poste Italiane will be making a bid to acquire Unicredit’s MedioCredito Centrale unit. If successful, the operator will then create a new “Bank of the South”, which will act as catalyst for economic growth in the Mezzogiorno region, the government said.

According to Italy’s minister for the economy, Giulio Tremonti, the postal operator made an offer on behalf of a collection of co-operative banks today (30 November).

After leaving a Cabinet meeting, Tremonti said: “The purchase offer will be made on Tuesday. This is an important step for the development of the south, which is the only European region that does not have its own bank.”

The Mezzogiorno region of Italy, in the south of the country, has high unemployment and a low average income. It is hoped the initiative will help boost local businesses.

According to news sources, the deal could be worth EUR 120-140m ($159m).