December 19, 2017 / 6:03 PM / 9 months ago

CORRECTED-Italy's Banco BPM sells unsecured bad loans worth 1.8 bln euros

(Corrects to show the right gross book value of each borrower in bullets 2 and 3)

MILAN, Dec 19 (Reuters) - Italian lender Banco BPM said on Tuesday its board had approved the sale of two without-recourse, unsecured bad loan portfolios:

* gross value of the two portfolios is about 1.8 billion euros

* best offer for a portfolio denominated large comprising 370 borrowers with a gross book value of more than 1 million euros each was submitted by Italian investment company J Invest

* Leading NPL investor Hoist Finance was awarded the mid-portfolio comprising 16,400 borrowers with a gross book value of less than 1 million euros

* the sales will be finalised by December 31, 2017

* once completed total bad loan disposals since 2016 will be more than 4.5 billion euros, exceeding the targets of the bank’s 2016-2019 plan (Reporting by Stephen Jewkes, editing by Steve Scherer)

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