Cr Ravenna will not use its liquidity to rescue Italy’s troubled Banca Network

Italian banking group Cassa di Risparmio di Ravenna (Cr Ravenna) has stated it will not cover with its resources payments to the about 22,000 creditors of Italy’s Banca Network, which suspended all payments at the end of May.

According to what stated by Cr Ravenna’s chairman Antonio Patuelli, the bank will not use its own liquidity to rescue the troubled institution.

Following a deal between Banca Network, Consultinvest Sim and Cr Ravenna (which owns 50% of Consultinvest Sgr), current accounts will be transferred from the bank to Cr Ravenna, but according to press reports creditors could have to wait until September to have their money back.

As part of the same deal aimed at saving Banca Network from bankruptcy, Modena-based Consultinvest Sim has acquired the network of about 240 financial advisers for a price of €15m.

Over the last weeks, Banca Network has seen a number of advisers leaving its network.

As reported by Investment Europe, Andrea Mazzei left the bank to join Italian brokerage firm Copernico SIM, Roberto Rodo joined Banca Fideuram in Liguria and Alessandro Lamberti, Marco Vignola and Giancarlo Dagheti joined Fineco.

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