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Italy's Atlante confirms 1.6 billion euro investment in Monte Paschi bad loans
October 12, 2016 / 6:41 PM / a year ago

Italy's Atlante confirms 1.6 billion euro investment in Monte Paschi bad loans

The Monte dei Paschi di Siena bank logo is pictured at the bank's headquarters in Siena, Italy January 25, 2013. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italian bank bailout fund Atlante confirmed on Wednesday a commitment to invest up to 1.6 billion euros ($1.8 billion) in the planned securitisation of bad loans at ailing bank Monte dei Paschi’s (BMPS.MI).

Monte dei Paschi announced in July an emergency rescue plan that includes a capital increase of up to 5 billion euros and the transfer of 28 billion euros of non-performing loans to a vehicle which will sell them in a securitisation scheme.

The fund managing Atlante, which in July had committed to buying the mezzanine tranche of the securitised loans, said in a statement that a due diligence of the soured debts had been completed and had confirmed the initial price estimates.

($1 = 0.8928 euros)

Reporting by Silvia Aloisi

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