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May 1, 2008updated 12 Apr 2017 4:49pm

Banca Italease receives lifeline

Banca Italease receives lifeline Things are looking up for Banca Italease

By Katherine Gregory

Banca Italease receives lifeline

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 months.

“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 .

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. 

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