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Banca Popolare di Bari to integrate 2 subsidiaries

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Banca Popolare di Bari to integrate 2 subsidiaries

saidMarch 25 that it intends to integrate subsidiaries and into the parent groupbefore the end of June to streamline its operations.

TheItalian lender also said its board of directors approved the of nonperforming loans totalingmore than €800 million. Earlier in March, it had been that the bank was looking tosell up to €1 billion worth of NPLs.

BancaPopolare di Bari said it took these measures to consolidate its position andgrow in its target markets, the Italian regions of Puglia, Basilicata, Abruzzoand Umbria. The lender added that selling the NPLs will improve its capitalratios and the quality of its loan book, which had suffered after itsacquisition of Banca Caripe and troubled Banca Tercas in 2014.

Alsoon March 25, Banca Popolare di Bari reported a net loss after extraordinaryadjustments of about €297 million. The full results will be presented April 24.