Italy's public company SGA (Società di Gestione Attività) has pledged to invest 450 million euros in the Italian financial industry's Atlante (Atlas) fund set up earlier this year to shore up struggling Italian lenders and take over their bad loans, economy ministry sources said Friday.
SGA, set up in 1996 as a bad bank to rescue lender Banco di Napoli, deliberated Wednesday to grant the 450 million to Atlante.
Atlante was created by the Cariplo Foundation and Quaestio capital management firm to help weaker banks while avoiding violating EU rules against State aid.
SGA over the years has reportedly recuperated almost six billion euros in credit-impaired financial assets - registering a profit of around 600 million euros - and part of the resources will now reportedly go to the government-backed fund plan dedicated to non-performing loans (NPLs) of Italian banks.
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