Private equity Permira offers 2.2 bln euros for ICBPI-source

By Paola Arosio and Massimo Gaia

MILAN, Jan 20 (Reuters) - Private equity fund Permira has offered 2.2 billion euros ($2.6 billion) to buy Istituto Centrale delle Banche Popolari Italiane(ICBPI), an Italian bank specialising in payment services owned by domestic cooperative banks, two sources close to the matter said.

Some Italian cooperative banks are under pressure to beef up their capital base after a yearlong health check of euro zone lenders by European authorities concluded in October.

One of the sources said the decision to sell the ICBPI holdings stemmed from the need to raise fresh capital following last year's banking review.

Shareholders in ICBPI are set to reap significant capital gains from the sale as the book value of the stakes is much lower than the price offered by Permira, the source said.

"The book value in most cases is very low," the source said adding ICBPI's top management was handling the matter with "great urgency and secrecy."

The Bank of Italy must clear the sale.

Credito Valtellinese is the top shareholder in ICBPI with a 20.4 percent stake, followed by Banco Popolare with 16 percent. Unlisted Banca Popolare di Vicenza and Veneto Banca both have stakes of around 10 percent each while Popolare Emilia Romagna owns 8.7 percent.

The reports come as the Italian cabinet started a meeting on Tuesday to discuss scrapping the one-vote-per-investor rule for the cooperative or 'popolari' banks, a measure that analysts say would open the way to a wave of consolidation in the sector.

ICBPI earns fees on payment, clearing and credit card services provided to Italian cooperative banks. One source estimated its annual gross profit at around 100 million euros before provisions.

Permira and Credito Valtellinese declined to comment on the issue. Banco Popolare and Popolare Emilia Romagna had no immediate comment. ($1 = 0.8625 euros) (Writing by Francesca Landini, editing by Valentina Za)