March 27, 2018 / 6:00 PM / 8 months ago

BRIEF-Carige to sell 1 bln euros of bad loans, 700 mln euros of unlikely to pay

March 27 (Reuters) - Italian lender Banca Carige says:

* APPROVES 2018-2020 NON PERFORMING EXPOSURES PLAN TO SELL GROSS BAD LOANS OF UP TO 1 BILLION EUROS AND UNLIKELY TO PAY LOANS OF 500 MILLION EUROS IN 2018 AND A FURTHER 200 MILLION EUROS OF UNLIKELY TO PAY LOANS IN 2019

* SALE OF 1 BILLION EUROS OF BAD LOANS WILL BE CARRIED OUT WITH GACS STATE-BACKED GUARANTEES

* PRELIMINARY ESTIMATES USING IFRS9 PRINCIPLES POINT TO IMPACT ON FULLY-LOADED CET1 RATIO OF ABOUT -160 BASIS POINTS

* APPROVES DEAL WITH IBM FOR OUTSOURCING ITS IT SYSTEM

* ACKNOWLEDGES MARKET CONDITIONS ARE NOT THERE FOR ISSUANCE OF SUBORDINATED BOND WITH “EXPECTED CHARACTERISTICS”

* Further company coverage: (Reporting by Milan newsroom)

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