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Report: Italy receives at least 3 binding offers for 4 rescued banks

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Report: Italy receives at least 3 binding offers for 4 rescued banks

The received at least threebinding offers forBanca delle Marche SpA,Banca Popolare dell'Etruria e delLazio SC, Cassa diRisparmio della Provincia di Chieti SpA and by the July 21 deadline,Reuters reported the same day, citing "a source close to the matter."

The four banks, which wererescued in November2015 with the help of a €3.6 billion deposit guarantee fund financed by otherItalian banks, attractedthe interest of Apollo GlobalManagement LLC and private equity firm Lone Star, a second sourcetold Reuters. The third bidder was not named.

Apollo was reportedly theonly bidder for thefour banks a day before the deadline.

Italy's banking association headAntonio Patuelli previously said other lenders will have to shell out moremoney if the four small banks are sold for less than €1.65 billion.