Banca Popolare di Sondrio S.C.p.A. (BIT:BPSO) (BPS) signed a non binding letter of intent to acquire majority stake in Cassa di Risparmio di Cento S.p.A. from Fondazione Cassa di Risparmio di Cento and others on October 14, 2017. Banca Popolare di Sondrio S.C.p.A. (BIT:BPSO) entered into an agreement to acquire a majority stake in Cassa di Risparmio di Cento S.p.A from Fondazione Cassa di Risparmio di Cento on October 30, 2018. Under the terms of the transaction, the transaction will take place in two phases. In the first phase, BPS would acquire at least 51% of Cassa’s share capital from the Fondazione with payment in part through cash and in part through an exchange with BPS shares. In the second phase, BPS would define the appropriate technicalities to allow both other shareholders of Cassa and the Fondazione, for the remainder of the shares still in its possession, to exchange or to receive BPS shares in exchange for those of Cassa in economic terms substantially in line with those applied in the first phase, subject to appropriate adjustments. This in order to increase the participation of BPS in the share capital of the Cassa to at least 67% and potentially up to 100%. The letter of intent contains the Fondazione’s exclusive commitment with respect to the acquisition of Cassa until December 31, 2017. Cassa di Risparmio di Cento reported total assets of €2.8 billion in 2016. The transaction is subject to approval of the administrative bodies of Banca Popolare di Sondrio and Fondazione Cassa di Risparmio, on March 25, 2018 the board of directors approved the deal in a shareholder meeting. Banca Popolare di Sondrio S.C.p.A. (BIT:BPSO) (BPS) cancelled the acquisition of majority stake in Cassa di Risparmio di Cento S.p.A. from Fondazione Cassa di Risparmio di Cento and others on May 12, 2019.