Banca Popolare di Sondrio pledged to boost shareholder returns and outlined its midterm plan to solidify its standalone case as it tries to defend itself from a takeover approach from larger peer BPER Banca.

Banca Popolare di Sondrio SpA said it plans to return about €1.5 billion ($1.6 billion) to shareholders by 2027, as the Italian lender seeks to defend against a takeover bid from rival BPER Banca SpA.

MILAN (Reuters) -Banca Popolare di Sondrio on Wednesday set ambitious goals for profits and shareholder rewards through 2027, as it tries to fend off a takeover offer from bigger rival BPER Banca. In February,