March 21, 2018 / 10:14 AM / 9 months ago

Creval says to discuss M&A options with new shareholders

FILE PHOTO - CEO of Creval bank Miro Fiordi poses during a meeting at the ABI (Italian Bank Association) headquarter in Rome, Italy January 20, 2016. REUTERS/Remo Casilli

MILAN (Reuters) - Italian mid-sized bank Creval (PCVI.MI) will discuss possible merger options with its new shareholders after a 700 million euro capital raise made it more attractive to potential suitors, its chairman said on Wednesday.

Speaking to reporters on the sidelines of a meeting of Italian banking association ABI, Miro Fiordi confirmed Creval would offload 2 billion euros in bad loans in the first half of the year.

Creval raised eight times its market value in cash, which likely changed its shareholder base, to clean up its balance sheet.

“We used to draw attention because we were seen as weak, now we’re even more under the spotlight because we are all done up with a party dress and a small dowry,” Fiordi said.

“These are matters we will discuss in coming months with the bank’s new shareholders, but at this point we are not in a rush.”

Reporting by Gianluca Semeraro, writing by Valentina Za,

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