MILAN Aug 7 Italian mid-sized lender Credito
Valtellinese plans to borrow up to 1 billion euros in
fresh longer-term funds the European Central Bank will offer
lenders starting from September in a bid to spur lending to
companies, its chief executive said on Thursday.
"At the first round, in September, we're planning to ask for
funds worth around 900 million to 1 billion euros," Creval CEO
Miro Fiordi told analysts on a conference call.
Creval on Thursday reported an 11 percent rise in first-half
net profit as sharply higher loan loss provisions partly offset
rising interest and trading income, and said the cost of credit
would continue to weigh on profitability.
Creval paid back 750 million euros in the first half in
longer-term ECB loans borrowed at the height of the euro zone
crisis and still has 2.2 billion euros in such emergency loans,
(Reporting by Valentina Za; Editing by Lisa Jucca)