January 17, 2018 / 12:30 PM / 6 months ago

Intesa agrees NPL reduction needs speeding up, rules out M&A -CEO

ROME, Jan 17 (Reuters) - Intesa SanPaolo agrees that there must be an acceleration in the reduction of bad bank loans in Italy, its CEO said on Tuesday ahead of a meeting of the country’s lenders with ECB’s Chief Supervisor Daniele Nouy.

Yielding to ECB’s pressures to reduce bad debts quickly, Intesa, which had tackled them in-house, is now considering selling part of its debt collection business with a chunk of its 53.6 billion euros in impaired debts.

Speaking to reporters in Rome, Intesa Sanpaolo CEO Carlo Messina said every bank would make its own assessment over how to drive bad debts lower, adding new government measures were needed to improve lengthy recovery procedures in Italy.

Asked about a research report that explored a possible merger between Intesa and Credit Agricole, Messina said the idea was “groundless” and added the bank was not interested in any merger or acquisition. (Reporting by Stefano Bernabei; Writing by Valentina Za, editing by Giulia Segreti)

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