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Italy's Carige sells bad loan portfolio to Credito Fondiario
December 6, 2017 / 7:33 AM / 9 days ago

Italy's Carige sells bad loan portfolio to Credito Fondiario

MILAN, Dec 6 (Reuters) - Italian regional lender Banca Carige said on Wednesday it sold a portfolio of gross bad loans worth 1.2 billion euros ($1.4 billion) and its platform to manage bad debt to Credito Fondiario.

The lender will pocket 265.7 million euros from sale of the portfolio, equal to around 22 percent of the nominal gross value of loans, and 31 million euros from sale of the platform.

The bank added it would issue an addendum to the prospectus of its rights issue, which ends on Wednesday. ($1 = 0.8450 euros) (Reporting by Francesca Landini, editing by Steve Scherer)

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