EU extends deadline for sale of four Italian banks

[BRUSSELS] The European Commission said on Friday it had authorised an extension of the process for sale of four small Italian bridge banks Nuova Banca Marche, Nuova Banca Etruria, Nuova Carife and Nuova Carichieti.

"The sales process aims to maximise the value of the four bridge banks, thereby minimising the cost to the taxpayer and ensuring that no new state aid would become necessary," the Commission said in a statement.

"To protect the effectiveness of the sales processes, timelines are kept confidential," it added.

The bridge banks were created in November 2015 when Italian authorities put Banca delle Marche, Banca Popolare dell'Etruria e del Lazio, Cassa di Risparmio di Ferrara and Cassa di Risparmio della Provincia di Chieti into resolution.

The Commission approved state aid at that time.

REUTERS