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