Banca Carige starts ‘exclusive’ talks for AM acquistion with Arca SGR
Italy’s Banca Carige has sent out a note saying that it has started exclusive talks with Arca SGR for the acquisition of its asset manager, Carige SGR.
According to the bank’s note, Banca Carige has chosen Arca SGR, which is said to have offered €80m in cash, after assessing other offers.
The deal is said to be concluded by 9 August.
According to the Italian trade press, Anima SGR, Amundi and Natixis were Arca SGR’s major competitors for Carige SGR’s acquisition.
The sale of the asset manager is part of Banca Carige’s plan to raise its capital by €800m.