BRUSSELS Oct 7 The European Commission said on
Friday it had authorised an extension of the process for sale of
four small Italian bridge banks Nuova Banca Marche, Nuova Banca
Etruria, Nuova Carife and Nuova Carichieti.
"The sales process aims to maximise the value of the four
bridge banks, thereby minimising the cost to the taxpayer and
ensuring that no new state aid would become necessary," the
Commission said in a statement.
"To protect the effectiveness of the sales processes,
timelines are kept confidential," it added.
The bridge banks were created in November 2015 when Italian
authorities put Banca delle Marche, Banca Popolare dell'Etruria
e del Lazio, Cassa di Risparmio di Ferrara and Cassa di
Risparmio della Provincia di Chieti into resolution.
The Commission approved state aid at that time.
(Reporting By Philip Blenkinsop; editing by Robert-Jan