MILAN Feb 9 Italy's doBank, a debt collector
controlled by U.S. investment firm Fortress, has picked
Citigroup, JPMorgan and UniCredit as
global coordinators for its stock market listing, three sources
close to the matter said.
DoBank is monitoring financial markets with an aim to list
by June, one of the sources said on Thursday confirming a report
in Italian newspaper Il Sole 24 Ore.
Fortress acquired UniCredit's debt collector unit UCCMB in
2015 and merged it with Italfondiario to create a group managing
around 100 billion euros ($106.70 billion) of bad loans. It
renamed the group doBank.
Italian banks are under pressure by the European Central
Bank to manage more efficiently a total of 360 billion euros in
deteriorated loans that weighs on their balance sheets.
In many cases debt collectors have proven more effective
than banks in extracting value from soured loans in Italy where
the development of a market for selling these toxic assets is
still at an early stage.
Rothschild is acting as financial adviser for doBank, two of
the sources said.
($1 = 0.9372 euros)
(Reporting by Elisa Anzolin; writing by Francesca Landini)