Banco BPM reaches bad loan deal with Credito Fondiario, Elliott [Reuters]
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Source: Reuters
Banco BPM reaches bad loan deal with Credito Fondiario, Elliott | Reuters 4 Min Read MILAN (Reuters) - Banco BPM ( BAMI.MI ) said on Monday it had agreed to sell up to 7.8 billion euros ($8.9 billion) in bad loans along with a stake in its debt recovery business to Credito Fondiario and U.S. fund Elliott, confirming what sources previously told Reuters. The sale will allow Banco BPM to reduce its problem loan ratio to as low as 10.6 percent of total lending from 15.9 percent at the end of September, putting to rest concerns the bank may need to raise capital to clean up its balance sheet. Credito Fondiario and Elliott were up against Italy’s top bad loan specialist doBank ( DOB.MI ), backed by U.S. private equity firm Fortress, and a third group comprising U.S. funds TPG, Christofferson, Robb & Company and Davidson Kempner. Banco BPM, created last year from the merger of Banca Popolare di Milano and Banco Popolare, said it had an option to cut the size of the loan sale to 7 billio
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