August 2, 2019 / 3:11 PM / 18 days ago

Banca IFIS says studying possible tie-up with Credito Fondiario

MILAN, Aug 2 (Reuters) - Banca IFIS, an Italian bank specialising in bad loan collection, said on Friday it had entered exclusive talks with rival Credito Fondiario to set up a partnership to buy and manage soured loans.

IFIS and Credito Fondiario will discuss creating a leading player in the soured loan market, which would then become part of Credito Fondiario.

Owned by U.S. fund Elliott, Credito Fondiario had recently hired Goldman Sachs and Deutsche Bank to assess strategic options, including a possible merger. (Reporting by Valentina Za, editing by Silvia Aloisi)

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