September 29, 2017 / 4:24 PM / a year ago

BRIEF-Cesena, Rimini, San Miniato to shed 3 bln euro soured debts before takeover

Sept 29 (Reuters) - Credit Agricole says:

* Will take over Cesena, Rimini and San Miniato savings bank only after they shed a gross 3 billion euros of impaired debts

* The three banks will sell 286 million euros in impaired debt to investment fund Algebris

* Another 2.74 billion euros in gross impaired loans will be securitised with help from Italian bank rescue fund Atlante

* Disposals include both bad debts and unlikely-to-pay loans

* Goal is to reach gross non-performing exposure ratio of 9 percent before three banks are taken over by Credit Agricole

* Voluntary arm of Italy’s deposit guarantee arm will contribute 470 million euros in capital to the three banks so as to ensure that, after the necessary loan writedowns, their pro-forma CET1 ratio stands at 10.7 percent Further company coverage: (Reporting by Milan Newsroom)

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