January 26, 2018 / 3:14 PM / a year ago

Former Italian minister raises 600 mln euros in bank acquisition project-source

MILAN, Jan 26 (Reuters) - Veteran Italian banker and former Industry Minister Corrado Passera has raised 600 million euros ($746 million) from investors with the aim of acquiring a small bank, a source with knowledge of the matter said.

Passera, former chief executive of Intesa Sanpaolo for nearly a decade, raised the funds by launching a special purpose acquisition (SPAC) vehicle, a company that will list its shares on the alternative investment segment of the Milan bourse in early February.

The source said orders from investors willing to fund the project had totalled 760 million euros, well above an initial target of 400 million euros.

SPACs normally take a minority stake in a target company to support its growth.

Passera’s SPAXS vehicle wants instead to gain control of a small bank and develop its business by providing digital services to small and medium-sized companies, including the management of soured debts.

The project’s other founding partner is Andrea Clamer, who used to head Banca IFIS’s non-performing loan division. ($1 = 0.8040 euros) (Reporting by Valentina Za, editing by Paola Arosio)

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