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Banco BPI says sold 1.3 bln euros in Portugal, Italy debt
April 1, 2014 / 4:32 PM / 3 years ago

Banco BPI says sold 1.3 bln euros in Portugal, Italy debt

LISBON, April 1 (Reuters) - Portugal’s third-largest listed bank BPI said on Tuesday it sold over 1.3 billion euros in Portuguese and Italian public debt due to changes in the regulatory framework, which brought a pre-tax loss of 132 million euros.

It said the sale of medium and long-term debt was aimed at reducing its exposure to public debt and thereby cutting the future volatility of the capital ratios.

It follows the introduction of Basel 3 standards into European law, which means that bond holdings are marked to market at all times, BPI said.

Reporting By Andrei Khalip and Sergio Goncalves

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