1 Min Read
MILAN, March 20 (Reuters) - Intesa Sanpaolo has set an April 4 deadline to submit binding offers for a bad loan portfolio worth 2.5 billion euros ($2.7 billion) it has put up for sale and for which it expects to receive three bids, two sources familiar with the matter said.
The portfolio, dubbed "Beyond the clouds", is made up of corporate loans and backed by real estate assets for about 30 percent.
The sources said the bank was expected to receive three binding bids from the following teams of investors and servicers: Christofferson Robb & Company and Bayview Asset Management, Apollo Global Management and Credito Fondiario, Cerberus Capital Management and Cerved.
All the interested parties declined to comment. ($1 = 0.9301 euros) (Reporting by Massimo Gaia, writing by Valentina Za,)