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Consultancy Bain & Company is advising troubled Italian lender, Banca Carige as it prepares to offload more than 1.2 billion euros of bad debt. After the state rescue of the world’s oldest bank Monte dei Paschi di Siena, earlier this month, and the liquidation of two failing regional banks, Banca Carige – Italy’s 9th largest bank – is now one of the last surviving Italian lenders that still has problems. According to reports by Reuters, Bain is thought to be advising the bank on a deal that involves selling off the platform it uses to manage bad loans. Carige has already transferred 938 million euros in bad loans to a vehicle that will repackage them as securities to be sold to investors. This was after the Bank was told by the European Central Bank that it must cut its bad loans to 3.7 billion euros by the end of 2019 (down from 7.3 billion euros last year).

banca carige

Peter Crush for

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