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Martedì 23 Gennaio 2018 | 12:51

Rome

Sale of four 'good banks' starts (3)

Bank of Italy acts with govt, EU

Sale of four 'good banks' starts (3)

Rome, December 30 - The Bank of Italy on Wednesday started the sale process for four 'good banks' recently split from bad banks after a government rescue that left many investors with worthless bonds. The four are Nuova Banca Marche, Nuova Banca Etruria, Nuova Cassa di Risparmio di Chieti and Nuova Cassa di Risparmio di Ferrara. A statement said the sales process would be "enacted in a short time period". The Italian central bank has named Société Générale as financial advisor, Oliver Wyman as strategic consultant and Studio Chiomenti as legal advisor. The process was started in concert with the Italian government and EU authorities, and will comply with EU rules on State aid. The government has set up a 100-million-euro fund to compensate investors who can prove they were duped into holding risky bonds. All the thousands of former bondholders and ex-shareholders are demanding their money back after seeing their savings go up in smoke. A probe for instigation to suicide has been opened after one desperate bondholder in Banca Etruria, Luigi D'Angelo, hanged himself.

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