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BRIEF-Banco BPM approves sale of 693 mln euro secured bad loans to Algebris
June 13, 2017 / 4:02 PM / 5 months ago

BRIEF-Banco BPM approves sale of 693 mln euro secured bad loans to Algebris

June 13 (Reuters) - Italy’s Banco BPM says:

* Approves sale of secured bad loan portfolio with a gross total nominal value of 693 million euro to a special purpose vehicle of asset manager Algebris

* Sale to be finalised by June 30

* Deal will raise total bad loans sold since start of 2016 to about 2.5 billion euros, or roughly one third of the 8 billion euro target bank aims to reach by 2019

* Valuation assigned to the loans is well above that envisaged in the lender’s strategic plan Further company coverage: (Reporting by Milan newsroom)

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