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Report: Apollo sole bidder so far for troubled Italian banks

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Report: Apollo sole bidder so far for troubled Italian banks

?U.S.-based Apollo Global Management LLC is the only bidder so farfor a group of small Italian banks that were rescued from bankruptcy, Reutersreported July 20, citing "several sources close to the matter."

The four banks, Banca delle Marche SpA, , CARIFE SpAand Cassa di Risparmio dellaProvincia di Chieti SpA, were rescued in November 2015, with thehelp of a €3.6 billion deposit guarantee fund financed by other Italian banks.

If the banks are sold for less than €1.65 billion, the otherbanks will need to pay more, according to the head of the country's bankingassociation. Sources told Reuters that Apollo's bid is likely to be far lowerthan that.

The deadline for bids has been extended to 4 p.m. Londontime on July 21.