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Intesa draws bids for 2.5 bln euro bad loan portfolio-sources
December 19, 2016 / 10:20 AM / a year ago

Intesa draws bids for 2.5 bln euro bad loan portfolio-sources

MILAN, Dec 19 (Reuters) - Intesa Sanpaolo has drawn at least seven non-binding bids for a bad loan portfolio worth a gross 2.5 billion euros ($2.6 billion) it is expected to sell early next year, four sources familiar with the matter said on Monday.

Two sources said bidders included KKR, Fortress Investment Group, a consortium comprising Christofferson Robb & Company and Bayview, AnaCap Financial Partners, Apollo Global Management, Cerberus and Lone Star.

The sources said Intesa Sanpaolo would select a shortlist of three investors this week, with the deal -- dubbed “Beyond the Clouds” -- expected to close in the first quarter of 2017.

One source said the portfolio was mainly made up of corporate loans and included also a 30 percent portion of mortgage loans.

All parties involved declined to comment or could not be immediately reached for comment.

Intesa has set up a bad loan unit called “Capital Light Bank” which carries disposals of problem loans on a regular basis. ($1 = 0.9571 euros) (Reporting by Massimo Gaia, writing by Valentina Za, editing by Steve Scherer)

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