February 3, 2014 / 2:51 PM / in 4 years

Intesa Sanpaolo shareholder says not informed about internal bad bank

MILAN, Feb 3 (Reuters) - The chairman of Fondazione Cariplo, one of the top shareholders in Italy’s Intesa Sanpaolo, said on Monday he was not informed about any plan for the lender to set up an internal bad bank.

The Financial Times reported on Sunday that Italy’s biggest retail bank is working on plans to set up an internal bad bank to house a chunk of its 55 billion euros ($74 billion) of gross non-performing loans ahead of stress tests by the European Central Bank.

Managers and shareholders of Intesa are expected to discuss the plan to hive off so-called “non-core” assets in the next few weeks, the newspaper said, citing people familiar with the matter. ($1 = 0.7415 euros) (Reporting by Andrea Mandala; writing by Francesca Landini, editing by Isla Binnie)

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