April 2, 2019 / 12:49 PM / 4 months ago

U.S fund Varde pulls out of bidding process for Carige-source

MILANO, April 2 (Reuters) - U.S. fund Varde Partners has pulled out of a bidding process for troubled Italian bank Carige , a source close to Varde said on Tuesday.

That leaves a fund managed by BlackRock as the only known potential bidder for Italy’s tenth largest lender.

The Genoa-based bank was placed under special administration by the European Central Bank in January after its top investor blocked a planned capital raising.

A deadline for potential buyers to present binding offers expires in mid-April. The bank could face a precautionary recapitalisation by the state if a private buyer is not found.

Reporting by Andrea Mandala, editing by Silvia Aloisi

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