Italian lender Banca Carige is holding exclusive talks to sell its asset management unit, Carige Asset Management, to a privately-owned investment manager Arca for EUR80 million (US$104.3 million).
This move follows examining the binding offers received in response to the process of selling its entire shareholding in the capital of Carige AM.
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The sale is a part of the capital strengthening plan approved by the group’s Board of Directors on 19 March 2013.
The firm has started a phase of exclusive negotiating rights until 9 August 2013 with Arca.
Besides Arca, Anima and Amundi were the other short-listed potential buyers, a company spokesman said.
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By GlobalData
