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Italian Officials Said to Step Up Efforts on Lender Fund

  • Agreement on fund said to be reached as early as next week
  • UniCredit would be among investors in possible fund, CEO says
Updated on

Italian government officials and bank executives are stepping up efforts to reach an agreement over a planned fund that may be state backed to help the cooperative lenders lure private investors in share sales, said a person with knowledge of the matter.

An agreement may be reached as soon as next week, said the person, who asked not to be identified because the talks are private. Finance Minister Pier Carlo Padoan and the heads of UniCredit SpA, Intesa Sanpaolo SpA and state lender Cassa Depositi e Prestiti have discussed options including the creation of a fund that would buy shares in bank recapitalizations and help them tackle non-performing loans, people familiar have said.