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Italy's BIM head confident the unit can be sold fast after Veneto Banca liquidation
June 26, 2017 / 6:40 PM / in 4 months

Italy's BIM head confident the unit can be sold fast after Veneto Banca liquidation

MILAN (Reuters) - The head of Italy’s BIM (BIM.MI) said on Monday he was confident the private banking group would be sold on the market quickly following the decision to liquidate its main shareholder Veneto Banca.

“We had started work to create a bank that was independent and able to become a high-end private banking pole. We will now restart that project...,” CEO Giorgio Girelli told Reuters.

On Sunday the Italian government approved a decree to wind down regional lenders Veneto Banca and Banca Popolare di Vicenza which collapsed after years of mismanagement and poor lending.

Under the deal the good assets of the two lenders were sold to Intesa Sanpaolo (ISP.MI) while their soured loans, and legal risks, were put into a bad bank partly financed by the state.

BIM is part of a series of assets that will be sold on the market by special commissioners appointed by the Bank of Italy to oversee the liquidation process.

“I hope that in a month or so the sale can be wrapped up, I don’t think it will be complicated,” Girelli said.

The CEO said that in the past interest had been expressed for the private banking unit.

Reporting by Andrea Mandala, writing by Stephen Jewkes

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