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Report: Banca IFIS could acquire GE Capital Interbanca within weeks


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Report: Banca IFIS could acquire GE Capital Interbanca within weeks

is close toagreeing the purchase of GECapital Interbanca SpA from General Electric Co. for about €200 million, MF reported July 20, citing unnamedsources.

Onlya few details remain to be finalized, meaning that the deal could be announcedduring the summer, according to the Italian newspaper. Deutsche Bank acted asGeneral Electric's adviser on the sale, which had earlier been expected tofetch up to €1 billion.

Interbancahas just over 500 employees and posted a loss of €44.6 million in 2015, mainlybecause it cleaned up its loan portfolio, MFsaid.

Theacquisition would represent an important step for Banca IFIS as it tries togrow and diversify its business, the newspaper added. The lender focuses on nonperforming loans as well as tradeand tax receivables, and it has concluded a number of in 2016.