By Giovanni Legorano

MILAN--Troubled Italian lender Banca Carige SpA (CRG.MI) says Apollo Management International LLP (APLO)has made the bank a non-binding offer to buy its portfolio of bad loans and recapitalize it with a 500 million euro ($558.8 million) reserved capital increase.

At current market prices -- the bank capitalizes EUR478 million -- Apollo would gain control of the bank, after the reserved cash call.

The bank said Apollo's proposal is a revision of the initial offer the fund made in February. At the time, the fund had offered to buy EUR525 million in new shares.

Write to Giovanni Legorano at giovanni.legorano@wsj.com

(END) Dow Jones Newswires

March 29, 2016 05:23 ET (09:23 GMT)

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