Four Italian good banks offers from private equity turned down; banks may be sold off singly – report (translated)
Private equity offers for four Italian “good banks” are understood to have been turned down by the Bank of Italy's National Resolution Authority (NRA), Italian language daily Il Sole 24 Ore reported. The unsourced report said that PE funds Apollo and Lonestar made offers for all four banks with the total value of the bids being EUR 500m - EUR 600m. The NRA believed the offers to be too low, the report said, adding that the NRA is believed to be looking for EUR 1.4bn from the sale of the four banks.
The NRA is now considering single offers for Banca Marche, Banca Etruria, CariChieti and CariFe. The report added that Italian lenders UBI, BPER and Banca Popolare di Bari have been contacted to see whether they would submit bids.
UBI is believed to be interested in CariFe while BPER might submit offers for Banca Marche and Banca Etruria. The report said that BPB could bid for CariChieti.
Il Sole 24 Ore