Centrobanca sells non-core assets t

It has been reported in the press that Centrobanca has sold some of its non-core holdings and investments in private equity funds to Auda Secondary Fund LLC for over E43m in cash. The deal means that Centrobanca, which forms part of Banche Popolari Unite Scrl, will not have to pay the further E18m that it originally committed to the private equity investments. Auda Secondary Fund is a New York-based fund controlled by the Quandt family.

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• Southern Europe