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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