Italy’s Top 7 Banks Said Seeking $40 Billion From ECB
This article is for subscribers only.
Italy’s seven biggest banks are seeking to borrow as much as 30.3 billion euros ($40 billion) in the European Central Bank’s first auction of cheap cash designed to boost loans to companies and individuals, according to people with knowledge of the plans.
UniCredit SpA, the nation’s largest lender, is asking for 7 billion euros in the September auction, said one of the people, who asked not to be identified because the information isn’t public. Banca Monte dei Paschi di Siena SpA, Italy’s third-largest lender, will bid for 3 billion euros, about half of the total it’s targeting this year, another person said. Mediobanca SpA is seeking 1.5 billion euros, according to another person.