Banco Bilbao Vizcaya Argentaria, the Spanish banking group, is reportedly set to renew its interest in Italian Banca Nazionale del Lavoro after the Bank of Italy yesterday rejected a rival offer from domestic insurer Unipol.

Il Sole 24 Ore reports that BBVA is studying the possibility of resuscitating its €6.3bn ($7.6bn) offer, which it abandoned in July over a lack of shareholder support. It still holds 14.8% of BNL shares.