UBS AG, Switzerland’s biggest bank, is in talks to buy Banca Intermobiliare di Investimenti e Gestioni SpA of Italy as it seeks to expand in private banking, according to a person familiar with the discussions.

Talks on the transaction with owner Veneto Banca Scpa are ongoing, said the person, who declined to be identified because the negotiations are private. Spokesmen for UBS in Zurich and Veneto Banca in Milan declined to comment.

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