November 29, 2019 / 5:29 PM / 12 days ago

REFILE-Italy's bad loan manager AMCO to raise 1 bln euros in new capital

(Adds Carige’s RIC)

MILAN, Nov 29 (Reuters) - Italian state-owned bad loan manager AMCO said on Friday it would raise 1 billion euros ($1.1 billion) in new capital by the end of the year to finance the purchase of new assets.

AMCO, fully owned by the Italian Treasury, has been playing an increasingly central role in the domestic bad loan market by helping troubled lenders offload soured loans.

A source close to the matter said the capital raising would help AMCO take on some 3 billion euros in problem loans Banca Carige is due to sell as part of a rescue financed by rival lenders. ($1 = 0.9073 euros) (Reporting by Andrea Mandalà; editing by Valentina Za)

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