Barclays Bank and Banca Popolare di Lodi are believed to be among the last few institutions in the running to buy Azimut, the Milan-based asset management subsidiary of Italian bank Bipop-Carire.

The sale of Azimut, which has €7bn ($6.2bn) under management, is likely to complete in August, according to a source close to the investment house. Banca Popolare di Lodi, known in Italy as Bipielle, and Barclays declined to comment.