Banca Carige tries to back out of Creditis sale to Chenavari
Banca Carige [BIT:CRG] is trying to back out of a sale of an 80% stake in its consumer credit arm Creditis to investment fund Chenavari, Italian language dailyIl Sole 24 Ore reported. The unsourced report said that Carige is arguing that Chenavari has not met all the conditions for the sale to go ahead.
Chenavari disputed this and said it has met all the necessary conditions. The article added that the Bank of Italy gave regulatory clearance to the sale on 3 October.
The report said that Chenavari has taken legal action to ensure that the sales contract is executed.
Carige could be keen to hang on to Creditis, given that it generated close to EUR 14m in profits in 9M18, the report said.
The report noted that Carige agreed to sell the stake for EUR 80.1m.