World News

Italy Treasury injects €1 billion in bad loan manager AMCO

MILAN (Reuters) – Italy’s Treasury has injected 1 billion euros ($1.1 billion) into bad loan manager AMCO through a capital hike, increasing the firepower of the state-owned company to 1.8 billion euros, AMCO said on Friday.

AMCO, which is fully owned by the Treasury, completed the acquisition of a portfolio of soured loans with a gross book value of 2.8 billion euros from Italian lender Banca Carige <CRGI.MI>.

(Reporting by Francesca Landini)

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