April 7, 2017 / 11:18 AM / 6 months ago

Italy's Banca IFIS studying 10 possible deals to buy bad loans

CERNOBBIO, Italy, April 7 (Reuters) - Italian lender Banca IFIS is studying 10 possible transactions involving the purchase of bad loans as it gears up to buy up to 15 billion euros ($16 billion) in soured debt by 2019, CEO Giovanni Bossi said on Friday.

Banca IFIS, which specialises in the management of bad loans, aims to buy between 10-15 billion euros of soured loans in the 2017-19 period, according to its latest business plan.

“We have already bought 2 billion euros (of bad loans) this year and we are studying 10 other possible deals,” Bossi said on the sidelines of the Ambrosetti business conference.

After a deep recession, Italian banks are struggling to get rid of some 200 billion euros of bad loans on their balance sheets.

$1 = 0.9408 euros Reporting by Francesca Landini and Giulio Piovaccari; Editing by Edmund Blair

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