October 1, 2016 / 9:01 AM / a year ago

MEDIA-ECB rejects UBI plan to buy three troubled Italian banks -Il Messaggero

ROME, Oct 1 (Reuters) - - The European Central Bank has rejected a plan put forward by UBI Banca to buy Banca Marche, Banca Etruria and CariChieti, Il Messaggero said on Saturday, without quoting sources. - The ECB told UBI it would need to raise 600 million euros in fresh capital if it wanted to pursue the deal, the paper said, adding that UBI was only prepared to raise a maximum 400 million euros. As a result, the proposed deal has collapsed, it said. - Contacted by Reuters, the ECB declined any comment. - Banca Marche, Banca Etruria, CariChieti are three of four Italian banks that were salvaged from bankruptcy last year. - The European Commission wants Italy to dispose of them quickly in order to limit distortions of competition, but this week IT extended the deadline for the sale for a second time. (Editing by Crispian Balmer)

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