Finance
ING met Italy's Popolare di Sondrio amid European expansion plan, source says
Published by Global Banking & Finance Review®
Posted on March 30, 2025
2 min readLast updated: January 24, 2026
Quick Summary
ING Groep is in early talks with Italy's Popolare di Sondrio as part of its European expansion strategy, potentially rivaling BPER Banca's offer.
ING Explores Expansion with Popolare di Sondrio Talks
By Amy-Jo Crowley
LONDON (Reuters) - ING Groep met with Italy's Banca Popolare di Sondrio in recent weeks as it seeks to grow in Europe through takeovers, a person with knowledge of the matter said. The early stage discussions were not advanced and may not proceed to an offer by the Dutch bank, the person said.
ING and Sondrio declined to comment.
A bid by ING would rival a 4.3 billion euro ($4.7 billion) all-share offer by BPER Banca for Sondrio in February, which was the latest in a raft of takeover activity in Italy's banking sector.
BPER and Sondrio both have as lead shareholder Unipol, Italy's second-largest insurer, which owns nearly 20% of each lender.
Unipol Chairman Carlo Cimbri said on Friday a foreign bank was studying a potential bid for Sondrio to rival BPER's.
Speaking at the presentation of Unipol's multi-year plan, Cimbri hinted at ING as a possible suitor by saying the bank interested in Sondrio was the colour of a journalist's tie, which was orange.
Headquartered in the Valtellina valley, a wealthy mountain area northeast of Milan, Sondrio has enlisted the help of Bank of America and Morgan Stanley as defence advisers against BPER.
The bankers have been speaking with potential bidders, the person said, speaking on condition of anonymity because the matter is private.
Sondrio has already offered to return 1.5 billion euros to shareholders over 2025-2027, doubling the payout of the past three years, in a move to fend off BPER.
BPER said its pursuit of Sondrio was a defensive move given the consolidation wave in the sector.
ING said in February it was looking for opportunities to buy rival banks in major European countries including Italy, Spain and Germany to boost its size.
The Dutch lender has been active as a retail bank in Italy since 2001 and it is a leading digital bank in the country serving 1.275 million clients. It is currently looking to expand its deposit base by offering a 4% return for a year on new accounts opened before the end of May.
($1 = 0.9236 euros)
(Reporting by Amy-Jo Crowley in London. Additional reporting by Elisa Martinuzzi and Valentina Za. Writing and editing by Anousha Sakoui. Additional editing by Mark Potter)
Key Takeaways
- •ING Groep is in early talks with Banca Popolare di Sondrio.
- •The discussions are part of ING's European expansion strategy.
- •BPER Banca has made a competing offer for Sondrio.
- •Unipol is a major shareholder in both BPER and Sondrio.
- •Sondrio is preparing defenses with Bank of America and Morgan Stanley.
Frequently Asked Questions about ING met Italy's Popolare di Sondrio amid European expansion plan, source says
1What is the main topic?
The article discusses ING Groep's potential expansion in Europe through a takeover of Italy's Banca Popolare di Sondrio.
2Who are the main companies involved?
The main companies involved are ING Groep, Banca Popolare di Sondrio, and BPER Banca.
3What is Unipol's role in the situation?
Unipol is a major shareholder in both BPER Banca and Banca Popolare di Sondrio, owning nearly 20% of each.
