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 .

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By GlobalData

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.