October 8, 2018 / 5:16 PM / 2 months ago

Banco BPM thinking of hiring adviser for consumer credit business - source

MILAN, Oct 8 (Reuters) - Italy’s Banco BPM is considering hiring an adviser for its consumer finance business and does not exclude the sale of its stake in Agos Ducato, a source familiar with the matter said on Monday.

Italy’s third-biggest bank, which owns the whole of consumer credit company ProFamily, also holds a 39 percent share in the Agos Ducato joint venture, while Credit Agricole owns the remainder.

Banco BPM is currently selling a portfolio of non-performing loans worth up to 9.5 billion euros ($11 billion) and the sale of its consumer finance business could help offset the impact.

$1 = 0.8716 euros Reporting by Andrea Mandala, writing by Stephen Jewkes

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