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Banco BPM selects four offers for secured bad loan sale
April 21, 2017 / 10:49 AM / 7 months ago

Banco BPM selects four offers for secured bad loan sale

SANT‘ELPIDIO, Italy, April 21 (Reuters) - Italy’s third-largest bank Banco BPM has selected four bidders for the sale of a bad loan portfolio which it expects to conclude in four to five weeks, the head of the lender’s strategic committee said on Friday.

The four investors shortlisted are Cerberus, Bain Credit, Blackstone and Algebris, Banco BPM’s Pier Francesco Saviotti said on the sidelines of a Tod’s shareholder meeting, confirming a press report.

Banco BPM, born in January from the merger of Banco Popolare and Popolare di Milano, is looking to sell a portfolio of secured bad loans with a gross book value of 700-800 million euros. (Reporting by Alberto Sisto, writing by Valentina Za,)

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