The Bank of Italy on Wednesday
started the sale process for four 'good banks' recently split
from bad banks after a government rescue that left many
investors with worthless bonds.
The four are Nuova Banca Marche, Nuova Banca Etruria, Nuova
Cassa di Risparmio di Chieti and Nuova Cassa di Risparmio di
Ferrara.
A statement said the sales process would be "enacted in a
short time period".
The Italian central bank has named Société Générale as
financial advisor, Oliver Wyman as strategic consultant and
Studio Chiomenti as legal advisor.
The process was started in concert with the Italian
government and EU authorities, and will comply with EU rules on
State aid.
The government has set up a 100-million-euro fund to
compensate investors who can prove they were duped into holding
risky bonds.
All the thousands of former bondholders and ex-shareholders
are demanding their money back after seeing their savings go up
in smoke.
A probe for instigation to suicide has been opened after
one desperate bondholder in Banca Etruria, Luigi D'Angelo,
hanged himself.
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