UBI Banca said Thursday that it
has made a binding offer valid until January 18 to pay one euro
to the National Resolution Fund for three of the four good banks
set up in a rescue of the lenders in 2015.
Italy's fifth-largest bank said it would launch a capital
increase of 400 million euros as part of the operation to take
over Banca Marche, Banca Etruria and CariChieti, which together
with CariFerrara were rescued on November 2015, drawing four
billion euros from a deposit-guarantee fund.
UBI said it saw profits of 1.2 billion euros in 2020 from a
combination of the three good banks on which it has made a
binding offer.
CEO Victor Massiah unveiled the estimate in a conference
call.
Massiah said "the three banks showed their abilities during
the crisis".
UBI shares soared more than 9% in Milan after being suspended
due to excess gains.
The Bank of Italy, which owns the four banks through the
fund, last summer rejected bids from private equity investors
saying they were too low.
The three lenders have assets worth 23.3 billion euros but
are unprofitable.
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