BNL may spin off some assets to create JVs

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BNL may spin off some assets to create JVs - paper

Stock Markets Jun 25, 2021 03:05AM ET

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BNL may spin off some assets to create JVs - paper

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MILAN (Reuters) - Banca Nazionale del Lavoro (BNL), the Italian unit of France's BNP Paribas (OTC:BNPQY), was considering spinning off some assets as it seeks to create partnerships with other operators, Italian daily Il Messaggero said on Friday.

Some 800 employees would be moved with the separated assets, the paper added.

The Italian bank was in talks with several counterparts to set up joint ventures for assets such as information technology and back office in which it would, at least initially, maintain a minority stake, the daily added, citing internal bank sources.

The banking unions have called for a meeting with BNL Chief Executive Elena Goitini to discuss press rumours that have been circulating on the matter, they said in a statement on Thursday.

BNL had no immediate comment.

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