Deals
UBS Said to Be in Talks to Buy Italy’s Banca Intermobiliare
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UBS AG, Switzerland’s biggest bank, is in talks to buy Banca Intermobiliare di Investimenti e Gestioni SpA of Italy as it seeks to expand in private banking, according to a person familiar with the discussions.
Talks on the transaction with owner Veneto Banca Scpa are ongoing, said the person, who declined to be identified because the negotiations are private. Veneto Banca said it’s considering seeking a partner for Banca Intermobiliare and its private-banking operations, according to a stock-exchange statement. Officials for UBS in Zurich and Milan declined to comment.