Italian Bank Gets $133M For Asset Management Unit

Law360, New York (August 2, 2013, 3:49 PM EDT) -- Italy's Banca Carige SpA will hand over its asset management unit in a €101 million ($133.4 million) sale to investment firm Arca SGR SpA, it said Friday, another step in the wavering bank's plan to strengthen its balance sheet.

The deal comes two weeks after the troubled lender confirmed it was in talks about a potential sale of the unit, and two days after it reported a net loss of €29.4 million for the first half of 2013. With the transaction firmed up, Carige guarantees itself...
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