MILAN Oct 14 The key investor in Italy's
Popolare di Vicenza and Veneto Banca - which were rescued
earlier this year by the Atlante fund after failing to raise
capital on the markets - said on Friday the two banks had
unsustainable cost-income ratios.
"I say just one thing: one has a cost-income ratio of 103
percent the other one of 97 percent. I don't know what to say: a
bank with such a cost-income ratio cannot stand up," said
Alessandro Penati, chairman of Quaestio Capital Management which
runs the privately-financed Atlante fund.
Italian daily Corriere della Sera reported on Saturday
private equity funds interested in buying the two lenders had
proposed cutting 3,500 jobs out of 10,000.
Popolare di Vicenza is due to present in coming weeks a new
business plan which CEO Francesco Iorio has said will include
higher job cuts than previously envisaged.
(Reporting by Valentina Za)