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EC authorizes extension in sales process of 4 bridge banks in Italy


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EC authorizes extension in sales process of 4 bridge banks in Italy

The European Commission authorized an extension of the salesprocess for four small Italian bridge banks — ,Nuova Banca dell'Etruria e del LazioSpA, Nuova Cassa diRisparmio di Ferrara SpA and Nuova Cassa di Risparmio di Chieti SpA.

The sales process aims to maximize the value of the banks,created in November 2015 as part of the resolution of their predecessors, and to ensure that nonew state aid would become necessary, the EC said. At the time ofthe banks' creation, the EC approved state aid to cover the difference betweenthe transferred assets and liabilities and to capitalize the bridge banks.

The timelines of the process are kept confidential toprotect the effectiveness of the sale process, the EC said.

The four bridge banks are the successors to , , CARIFESpA and Cassa diRisparmio della Provincia di Chieti SpA.