Cerberus, Others Seen Interested in Creval’s Turnaround Plan

11/22/17

U.S. fund Cerberus Capital Management is among potential investors interested in Italian bank Creval’s turnaround plan but it is too early to say whether it will also commit to buying into the lender’s planned share issue, a source close to the matter said.

The mid-sized Italian lender said earlier this month it would sell new shares for up to 700 million euros in early 2018 to fund a balance-sheet clean up under its new business plan.

“There has been an expression of interest from Cerberus and other investors for Creval’s plan. Since the share issue will only be launched in February, it’s difficult to have any commitments now,” the source said. “(But) there is interest from investors and also from banks willing to join the underwriting consortium.”

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