CVC-Permira group preferred bidder for Italy’s ICBPI, say sources-Reuters

(Reuters) The owners of Istituto Centrale Banche Popolari (ICBPI) have picked a consortium comprising private equity funds CVC Capital Partners and Permira as preferred bidder to buy the Italian banking services provider, several sources close to the matter said.

Three groups of international investors including the CVC-Permira duo were interested in buying ICBPI, which earns fees on payment, clearing and credit card services provided to its owners, a group of 11 Italian cooperative banks.

The banks that own ICBPI, led by Credito Valtellinese , have decided to sell what is a profitable asset due to regulatory pressure to beef up their capital bases. ICBPI is estimated to be worth around 2 billion euros ($2.2 billion).