MILAN, March 12 (Reuters) - Italy’s biggest retail bank, Intesa Sanpaolo, said on Tuesday it had essentially received a “green light” from the central bank after an audit of its loan loss provisions.
Intesa’s CEO Enrico Cucchiani said the bank had to make an adjustment of just 6 million euros following the audit.
“From these checks we have had no significant adjustments to do,” Cucchiani told analysts in a conference call. “We came out with a clean bill of health. I would not be surprised if the situation was different for other players.”
The Bank of Italy has conducted simultaneous, months-long inspections on a group of 20-30 Italian banks and asked some of them to set aside more money to cover for rising bad debts.
Reporting By Silvia Aloisi