The spin-off of the bad banks is expected in January, while the public auction for the sale of the four good banks will start in February, the Italian banks restored thanks to the resolution fund (Banca Marche, Banca Etruria, Carife and CariChieti). This was announced yesterday in his first press conference by the new president of the four institutes, Robert Nicastro, specifying that several expressions of interest have already arrived from Italy and abroad, from banks and private equity.
"The auction should start in the month of February - said Nicastro - and will be supported by a single advisor or by a single team of advisors for the four banks".
As for the requirements to be admitted to the auction, Nicastro spoke of “medium or medium-large Italian banks, foreign banks with certain requisites and private equity of primary standing. In February we will decide whether to sell en bloc or in parts, first we will do a market survey. The more stringent constraints we have from the European Commission, the more we will be pushed” to a block sale, which is faster but could be less profitable, the manager said.
On the side of bad banks, Nicastro stressed that “it will have its own story and the resolution fund will have 100%. We will not be directly involved." Regarding the transfer price of bad loans to the bad bank, equal to 20% of the nominal value, the banker explained that “it was necessary to guarantee absolute certainty of realization very quickly. I don't think 80% (depreciation) should be seen as a benchmark, I'm not able to say if these portfolios are the same as the others”.
Finally, Nicastro ensured that during the commissioner "the exceptional local roots of the four banks have not been affected. Today they are real good banks, well capitalised, liquid and stable, ready to resume dialogue with the local area for financing SMEs”.
