Banca Progetto, previously Banca Lecchese and controlled by Oaktree Capital Management since 2015, is facing uncertainty following its announced sale to Centerbridge Partners in early September.
Banca Progetto sale under spotlight
The transaction's closing has not yet been finalized and may be delayed due to a criminal investigation concerning alleged deficiencies in the review of 10 loans out of approximately 40,000.
The investigation
The bank was placed under judicial administration by the Guardia di Finanza on behalf of the Court of Milan for connections to individuals linked to the 'ndrangheta. Investigations by prosecutors Paolo Storari and Silvia Bonardi revealed that several companies, indirectly managed by those associated with criminal figures from Legnano/Lonate Pozzolo, received financing from the bank with guarantees from the Central Guarantee Fund for SMEs managed by MCC. Media reports incorrectly suggested that the bank was also under special administration by the Bank of Italy, which is not the case.
