The AREB formally begins the process of selling Vall Bank.

The AREB on thursday formally initiated the process of selling Vall Bank.The sale process will have three phases and will feature advice from Key Capital Partners. In the first phase, "the AREB want to invite" who might be interested to submit written statements of interest in the purchase process. These statements will be analyzed "taking into account certain criteria defined in order to select potential buyers who would be invited to participate in the second phase of the process." Buyers who have been selected for the second phase will have a period of time to carry out a 'due diligence' on Vall Bank prior to the submission of binding offers. In the final phase, the AREB, assisted by Key Capital Partners, will evaluate the offers received and in accordance with the criteria set previously will select the winning bid.

In the statement, the AREB also states that the winning bid will be subject to the acceptance of the purchase by the buyer, and once determined the winning bid, INAF "determine the suitability of the selected buyer" . Moreover, the AREB also announced that Key Capital Partners will act as the principal contact for potential buyers, so that any communication relating to the sales process will be directed exclusively to the company. The company, therefore, will be "the sole interlocutor in this operation."