ECB AND BANK OF ITALY HAVE AUTHORISED A CAPITAL INCREASE OF €65 MILLION RESERVED TO ELLIOTT

The European Central Bank and the Bank of Italy today authorized Elliott to increase its support to the bank via a reserved capital increase of 65 million. Elliott will be in a position to raise its holding to circa 82%, while Tages’ shareholders and the bank’s top management will retain a combined stake of approximately 18%. This transaction, ensuring continuity to the strategy and the management that let the bank become a sector leader in Italy, further strengthen Credito Fondiario’s ability to play a key role – both as debt servicer and debt purchaser – in all upcoming NPE transactions in Italy.