Banca Italease posted a net loss of €1.1
billion in 2008, according to the latest figures released by the
company.
The troubled Italian lessor, which is facing a
buy-out by its main shareholder Banco Popolare, attributed the
losses to heavy write-downs on loans related mainly to the real
estate sector.

Net interest income at Italease fell to €263 million last year,
from €301 million in 2007, a statement from the company showed.

Banco Popolare, which already owns 31 percent of Italease, said
it would pay around €179 million to buy-out the lessor, and take on
billions of euros of bad loans.

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Italease’s board believe that Banco Popolare’s buy-out offer is
the “most concrete and immediate solution” to keep the company
operating.

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