September 28, 2018 / 7:48 AM / 18 days ago

Banco BPM expecting offers for bad loan sale by mid-Nov-source

VENICE, Italy, Sept 28 (Reuters) - Italy’s third-largest bank Banco BPM is expecting offers for a bad loan sale for up to 9.5 billion euros ($11 billion) by mid-November, a source familiar with the matter said.

The source said the bank was pressing ahead with the sale as it was considering tapping a state guarantee scheme which has recently been renewed and expires early in March next year.

$1 = 0.8604 euros Reporting by Valentina Za, editing by Stephen Jewkes

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