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

Banca Sistema

18/11/2019 13:34

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;))