MILAN (S&P Global Ratings) Dec. 15, 2020--S&P Global Ratings today said that its ratings on DEPObank - Banca Depositaria Italiana S.p.A. (DEPObank; BB-/Watch Pos/B) remain on CreditWatch with positive implications as DEPObank awaits regulatory approval of its merger with BFF Banking Group (BFF). On Nov. 10, 2020, BFF announced that it is still waiting for Bank of Italy and ECB clearance for the acquisition of DEPObank, with closing of the transaction and merger of DEPObank into BFF expected by first-quarter (Q1) 2021. We originally placed the ratings on DEPObank on CreditWatch with positive implications on May 21, 2020, after the bank publicly announced the binding merger agreement with BFF. We are therefore now extending the CreditWatch until Q1 2021. As
