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Carige aims to sell further 1.2 bln euros in bad loans this year
July 11, 2017 / 3:13 PM / 2 months ago

Carige aims to sell further 1.2 bln euros in bad loans this year

MILAN, July 11 (Reuters) - Banca Carige aims to offload a further 1.2 billion euros ($1.4 bln) in bad loans this year as the Italian bank’s newly appointed boss works to comply with regulatory demands to shed soured debts.

Following a state rescue of Monte dei Paschi di Siena and the liquidation of two ailing regional lenders, Genoa-based Carige has come into focus as Italy’s remaining large problem bank.

Carige approved a 938 million euro bad loan sale last week. It said on Tuesday it aimed to complete that transaction by the end of July so as to give investors access to a new bad loan portfolio this month with a view to closing the sale this year.

The lender, which is set to raise up to 500 million euros in a share issue this year under new CEO Paolo Fiorentino, said it would merge its Cesare Ponti private banking unit into Banca Carige by the end of the year. ($1 = 0.8755 euros) (Reporting by Valentina Za, editing by Francesca Ladini)

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