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Carige chooses Chenavari for Creditis unit sale

Genova - Italian bank Carige has picked Chenavari Financial Group for exclusive talks regarding the sale of Creditis, the bank’s consumer credit company. As well as Chenavari, the other shortlisted entity was US fund Christofferson Robb & Company

Genova - Italian bank Carige has picked Chenavari Financial Group for exclusive talks regarding the sale of Creditis, the bank’s consumer credit company. As well as Chenavari, the other shortlisted entity was US fund Christofferson Robb & Company.

According to sources familiar with the bank, in a meeting convened today to evaluate the two offers, its board of directors has given the go ahead for CEO Paolo Fiorentino to finalize Creditis sale with Chenavari Investment Managers .

The sale of Creditis represents one of the components in Banca Carige’s one-billion-euro asset boost plan, which provided for a number of sales, as well as a 560-million-capital increase now entering its final phase. This Wednesday, in fact, is the deadline for exercising option rights and subscribing to the increase. Carige is also looking to conclude the sale of its consumer loan company, and of a 1.2 billion euro bad loan portfolio to Italy’s Credito Fondiario. In today’s meeting an update on the current negotiations was released, but it appears that the deal has yet to be signed.

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