October 14, 2019 / 9:52 AM / 7 months ago

Cassa Centrale to sell 345 mln euros in bad loans to Arrow Global

MILAN, Oct 14 (Reuters) - Unlisted Italian bank Gruppo Cassa Centrale said on Monday it had agreed to sell to Britain’s Arrow Global 345 million euros in bad loans as it works to lower their share over total lending below 7% by 2021.

Cassa Centrale Banca, which is due to take over rival Carige under the terms of a rescue funded by Italy’s banking industry, said in a statement the portfolio sold was made up of both secured and unsecured corporate loans.

Cassa Centrale Banca comprises 80 cooperative banks which were forced to merge following a government reform of the sector, creating a banking group that is now under the direct oversight of the European Central Bank. (Reporting by Sabina Suzzi, editing by Valentina Za)

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