June 13, 2019 / 5:29 PM / a month ago

Italy's Popolare Bari receives binding bid for CariOrvieto unit

MILAN (Reuters) - Troubled Italian lender Popolare di Bari said on Thursday it had received a binding bid from SRI Global for its 73.6 percent stake in Cassa di Risparmio di Orvieto (CariOrvieto) as part of efforts to strengthen its capital ratios.

The bank said it had booked a further 25 million euros in writedowns on soured loans last year and restated its 2018 loss to 397.2 million euros.

As a consequence, its core capital ratio has fallen to 7.52%, below an 8.83% requirement set by the Bank of Italy.

Reporting by Valentina Za

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