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Slovenian bad bank sells 1.1 bln euros of assets ahead of schedule
June 16, 2017 / 12:46 PM / 3 months ago

Slovenian bad bank sells 1.1 bln euros of assets ahead of schedule

LJUBLJANA, June 16 (Reuters) - Slovenia’s Bank Asset Management Company (BAMC), which bought up bad loans from the country’s banks in 2013 and 2014 to get them off their books, said on Friday it had sold 1.1 billion euros ($1.23 billion) of assets by end of May.

It said the original plan was to achieve 1 billion euros worth of inflows by 2019, adding that the sale and restructuring of its assets was helping to bring about the revival of the Slovenian economy.

BAMC said it “still has a lot of interesting investment opportunities in its portfolio” valued at over 1 billion euros.

In 2013 the government poured more than 3 billion euros into local banks to prevent them from collapsing under a large amount of bad loans. That move helped the country avoid an international bailout.

BAMC was formed as part of a banking system overhaul and is due to operate until the end of 2022. In 2013 and 2014 it took over about 5 billion euros of bad loans from six local banks at a price of 1.6 billion euros.

Slovenia returned to growth a year after the bank overhaul and the government expects the economy to expand by 3.6 percent this year from 2.5 percent in 2016, mainly due to a rise in investment, exports and domestic spending. ($1 = 0.8946 euros) (Reporting by Marja Novak; Editing by Toby Davis)

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