Oaktree in talks for Banca Lecchese

Kenny Wastell
06 July 2015

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Oaktree Capital is reportedly in advanced talks to acquire Banca Lecchese, an Italian bank, from its parent company Banca Etruria.

The reports by Italian financial publication Il Sole 24 Ore come shortly after Banca Etruria confirmed it was looking to sell its 54% stake in the business to an "international fund". The vendor is currently undergoing extensive restructuring after entering administration earlier this year.

If Oaktree's acquisition of Banca Lecchese goes ahead, it will mark the second investment by international private equity players in the Italian banking sector in quick succession. A consortium comprising Bain Capital, Advent International and Clessidra is currently awaiting regulatory approval for a debt package, after agreeing to acquire banking services provider ICBPI in a deal worth up to €2.15bn.

The increased appetite for banking assets follows regulations recently passed by the Italian government designed to encourage M&A activity within the sector.

Oaktree declined comment.