Things are looking up for Banca Italease.
After being badly hit by derivative losses in the credit crunch
last July, the Italian bank has now been given a €950m
cash injection from a group of banks.
The lessor will use the funding for business development, which
will be provided through a club deal over a period of 18
“The financing will be used for business development as provided
by the business plan and for achieving a better funding strategy,”
Italease said in a statement.
The funders comprise a group of shareholders including Gruppo
Banco Popolare , Banca Popolare di Milano , Banca Popolare di
Sondrio and Banca Popolare dell’Emilia Romagna .
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Italease also announced this week its intention to secure a
warehouse securitisation of its leasing contracts worth about
€1.5bn, which should be concluded by the end of October.