Enrico Cucchiani, CEO of Intesa Sanpaolo, Italy's second Dahon Bank (Intesa Sanpaolo), said in an interview on CNBC on Wednesday, with the impact of recession, 20% of Italian companies will go bankrupt.
Cucchiani, said: "Italian enterprises in the top 20% revenue growth over the past three years, between 35% to 50%, but the other side, unfortunately, the bottom 20% of enterprise revenue declined by 35-45% so obviously unsustainable. "
He said that a wave of corporate bankruptcy influx of Italian banking sector will have a negative impact. He said: "This will be exacerbated by the non-performing loans, banks are very reluctant to give this company the loan and I think this is not the availability of funds, but the problem of risk selection."
The latest data show a decrease of 0.9% in the fourth quarter of the Italian GDP qoq.
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