September 21, 2017 / 11:37 AM / a year ago

Cassa Centrale Banca aims to sell 500 mln euros in bad loans in 2018

MILAN, Sept 21 (Reuters) - Italy’s Cassa Centrale Banca aims to sell bad loans worth more than 500 million euros ($595 million) in nominal terms this year, said a top executive at the banking group which is being created via the merger of around 100 small cooperative banks.

A government reform is forcing several hundred Italian cooperative lenders to merge into two groups that will fall under direct European Central Bank supervision.

The Bank of Italy has urged cooperative banks to clean up their balance sheets ahead of a review of their assets it will conduct next year, alongside the ECB.

Cassa Centrale Banca Director General Mario Sartori told journalists on the sidelines of an event in Milan the bank had received between five and seven offers from investors interested in the bad loans and aimed to clinch a sale this year.($1 = 0.8408 euros) (Reporting by Gianluca Semeraro, writing by Valentina Za,)

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