CERNOBBIO, Italy, April 7 (Reuters) - Italian lender Banca IFIS is studying 10 possible transactions involving the purchase of bad loans as it gears up to buy up to 15 billion euros ($16 billion) in soured debt by 2019, CEO Giovanni Bossi said on Friday.
Banca IFIS, which specialises in the management of bad loans, aims to buy between 10-15 billion euros of soured loans in the 2017-19 period, according to its latest business plan.
“We have already bought 2 billion euros (of bad loans) this year and we are studying 10 other possible deals,” Bossi said on the sidelines of the Ambrosetti business conference.
After a deep recession, Italian banks are struggling to get rid of some 200 billion euros of bad loans on their balance sheets.
$1 = 0.9408 euros Reporting by Francesca Landini and Giulio Piovaccari; Editing by Edmund Blair