September 4, 2015 / 9:29 AM / 2 years ago

Intesa exec says ready to take part in rescue of weak lenders

CERNOBBIO, Italy, Sept 4 (Reuters) - Italy’s biggest retail bank, Intesa Sanpaolo, is ready to take part in a government-sponsored rescue of three small lenders that are currently under special administration and need fresh capital, the chairman of Intesa’s supervisory board said.

Gian Maria Gros-Pietro however told reporters on the sidelines of a business conference in Cernobbio that Intesa would not buy any of the troubled lenders.

According to newspaper reports, Italy is working on plans to recapitalise three lenders - Carife, Banca Marche and Banca Popolare dell‘Etruria - through the so-called Fondo interbancario, a fund meant to protect current account holders.

Reporting by Gianluca Semeraro, writing by Silvia Aloisi

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