ITALIAN BANKS TO SIGN ACCORD WITH SOVIET BANKS
Italian state-owned bank Banca
Commerciale Italiana, BCI, said it and Mediocredito Centrale
will sign a joint venture pact with Soviet central bank Gosbank
and Vneshtorgbank, the foreign trade financial institution.
    A BCI spokesman told Reuters the agreement involves the
banks providing financial services and taking equity stakes in
joint Soviet-Italian industrial ventures.
    Under the agreement, the Italian banks will have a 50 pct
interest in a new firm to be formed by the four institutions.
The accord is expected to be signed today or tomorrow at a
Venice conference on East West trade, the spokesman said.
    The spokesman said the joint venture company will operate
primarily in the corporate finance sector. Additional details
about the firm's activities were not available, he said.
    BCI is Italy's second largest bank, while Mediocredito
provides medium-term export financing.
 REUTER
