February 6, 2019 / 5:36 PM / 5 months ago

Italy's Banco BPM posts 584 mln euro Q4 loss to ease bad loan sale

MILAN, Feb 6 (Reuters) - Italy’s fourth-largest bank Banco BPM posted a fourth-quarter loss of 584 million euros ($664 million) on Wednesday after writing down impaired loans for nearly 1 billion euros in the period to ease a large disposal.

The bank said in a statement it would complete the 7.4 billion euro bad loan sale in the first half of 2019 after reaching an accord last year with Elliott and Credito Fondiario, the Italian bank and bad loan specialist controlled by the U.S. fund.

The bank said a number of measures slated for the first part of this year would lift its core capital, on a phased-in basis, to 13.5 percent from 12.1 percent at the end of 2018. (Reporting by Valentina Za; editing by Agnieszka Flak)

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