November 7, 2019 / 4:54 PM / 4 months ago

IFIS plans to widen expertise on bad loans after collapsed deal

MILAN, Nov 7 (Reuters) - Banca IFIS will look to broaden the range of impaired loans it can tackle through new hires or specific accords after failing to strike a partnership with rival Credito Fondiario, the CEO of the Italian bank said on Thursday.

Speaking to analysts after the bank reported a 45% yearly increase in loan recoveries for the first nine months, IFIS CEO Luciano Colombini said this would be one of the goals of a new business plan the bank will present in January.

Colombini said IFIS expected to complete various non-performing loan transactions by early in 2020, as well as the sale of a property in Milan.

“Banca IFIS is participating in all the ongoing disposal processes of unsecured non-performing loans with an estimated book value of 4 billion euros,” Colombini said in comments confirmed by a spokeswoman. “We will be disciplined on price.” (Reporting by Valentina Za)

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