July 6, 2017 / 5:18 PM / 15 days ago

Veneto Banca says has started process to sell stake in BIM

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The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016.Alessandro Bianchi/File Photo

MILAN (Reuters) - Veneto Banca, one of two troubled regional lenders Italy is winding down, said on Thursday it had started the process to sell its controlling stake in private banking group BIM (BIM.MI).

Italy last month began winding up Veneto Banca and 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, in which Veneto Banca holds a 71.4 percent stake, 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.

Reporting by Agnieszka Flak; editing by Stephen Jewkes

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