MILAN, Feb 2 (Reuters) - Banca Popolare dell‘Emilia Romagna will write down the value of its 100 million euro ($108 million) investment in Italian bank rescue fund Atlante, the lender’s chief executive said on Thursday.
“We’re in the process of finalising figures for our 2016 earnings, we’ll definitely write down the stake in Atlante,” Alessandro Vandelli told reporters on the sidelines of a conference, without elaborating on the size of the writedown.
Vandelli also said his bank was interested in the Arca asset manager in which troubled regional lenders Popolare di Vicenza and Veneto Banca hold a combined 40 pct stake. The two banks must raise capital and could consider asset sales.
“We have a strategic interest for this asset, we’re the leading distributor of Arca products,” Vandelli said.
“We’re following the process and are waiting to see what the two Veneto banks will do with their 40 percent.” ($1 = 0.9253 euros) (Reporting by Valentina Za, editing by Agnieszka Flak)