March 25, 2019 / 5:40 PM / 2 months ago

BlackRock, Varde set to submit bids for Italy's Carige: sources

The logo of Carige bank is seen in Rome, Italy, April 9 2016. REUTERS/Alessandro Bianchi

MILAN (Reuters) - U.S. funds Varde Partners and BlackRock plan to submit rival bids for troubled Italian lender Banca Carige by mid-April, three sources close to the matter said on Monday.

The European Central Bank on Jan. 2 placed Italy’s 10th largest bank under special administration and asked it to find a buyer to stave off the risk of state intervention.

BlackRock, the world’s largest asset manager, is particularly interested in Carige’s bad loans and in its private banking unit Banca Cesare Ponti, two of the sources said.

Reporting by Gianluca Semeraro and Andrea Mandala in MILAN; Additional reporting by Stefano Bernabei in Rome, editing by Silvia Aloisi

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