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.