The Italian Postal Service has decided to purchase MedioCredito Centrale (MCC) unit for $179m from Italian bank UniCredit. This sale is promoted by the Ministry of Economy and Finance to boost the impoverished south of Italy.
The government plans to use MedioCredito to create a Bank for the South which will encourage loans to small and mid-sized businesses in Italy’s southern regions. In the south, income is below the Italian average and unemployment is high.
