June 12, 2018 / 11:35 AM / in 9 days

Italy's Carige accelerating request for state guarantee scheme for bad loan sale

GENOA, June 12 (Reuters) - Italy’s Banca Carige is quickly pressing ahead to tap the so-called GACS state guarantee scheme for a planned sale of around 1 billion euros ($1.2 billion) in bad loans as there is uncertainty whether the new government will renew the scheme, CEO Paolo Fiorentino said.

The Chief executive of the regional lender also said Carige was ready to sell unlikely-to-pay loans for around 100 million euros, in 3 or 4 separate operations, adding the sale had drawn interest mainly from foreign investors. ($1 = 0.8488 euros) (Reporting by Andrea Mandala, writing by Francesca Landini)

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