ING Group has engaged in discussions with Banca Popolare di Sondrio in Italy to potentially acquire the bank as part of its expansion strategy in Europe, according to a source familiar with the situation. The discussions are still in early stages and may not lead to a formal offer from the Dutch bank. Neither ING nor Sondrio have commented on the matter.

ING's possible bid would compete with BPER Banca's 4.3 billion euro all-share offer for Sondrio in February. Both Sondrio and BPER have Unipol, a major Italian insurer, as their leading shareholder holding nearly 20% of each bank.

Unipol's Chairman, Carlo Cimbri, hinted at a foreign bank, possibly ING, considering a bid for Sondrio to challenge BPER. Sondrio, located in the Valtellina valley, has enlisted Bank of America and Morgan Stanley as advisors against BPER.

Sondrio has offered to return 1.5 billion euros to shareholders over the coming years to prevent the takeover by BPER. BPER stated that its pursuit of Sondrio is a defensive move amid consolidation trends in the banking industry.

ING expressed its interest in acquiring rival banks in prominent European countries, including Italy, Spain, and Germany, to enhance its market presence. Operating as a retail bank in Italy since 2001, ING serves over 1.275 million clients and is looking to grow its deposit base by offering attractive returns on new accounts.