Italian lender Banca Carige has agreed to sell its asset management unit Carige Asset Management to Arca SGR for 101 million (US$133.4 million).
The Genoa-based Banca Carige needs to shore up its capital strength by 800 million and is seeking to avoid a capital increase by selling assets.
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Carige is expected to make a capital gain of 93 million on the sale and boost its capital base by 40 basis points.
Arca will have 23.5 billion in assets under management following the acquisition of Carige’s asset management unit.
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