A businessman told Reuters that locals were willing to help Banca Marche. Francesco Merloni, a local businessman, said they would invest in the lender a day after it was downgraded by rating agency Moody. Merloni said, "The idea is to help out and maintain the bank's local ties." He also revealed that another entrepreneur, Diego Della Valle, was also willing to support the mid-sized lender.
Banca Marche suffered loan losses when the Italian central bank compelled it to increase its loan writedowns after an inspection. The Bank of Italy has now placed Banca Marche under special administration. When an Italian bank is placed under special administration, the central bank would temporarily suspend the lender's board of directors and internal auditors from undertaking their functions. Two special administrators were appointed by the Bank of Italy to take over Banca Marche.
When asked if the investors could come up with EUR 300 million Banca Marche needed to solve its financial woes, Merloni said, "In a way or another we can get there."
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