September 29, 2017 / 4:44 PM / a year ago

BRIEF-Italy's Atlante to invest 500 mln euros to buy three savings banks' bad debts

Sept 29 (Reuters) - Italian bank rescue fund Atlante says:

* To invest 500 million euros to buy bad loans that Italian savings banks Cesena, Rimini, San Miniato must sell before being taken over by Credit Agricole

* Will use money to buy mezzanine tranche in the three banks’ bad loan securitisation

* Deal over the three banks’ bad debts also involves a 360 million euro financing from leading banks that will cover the senior tranche in the securitisation

* it has finalised with HSBC, Banca IMI and Deutsche Bank a similar 200 million euro senior financing which it used to buy the bad debts of other three small banks that were rescued by UBI Banca earlier this year. Further company coverage: (Reporting by Milan Newsroom)

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