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Italian debt collector doBank picks banks for listing-sources
February 9, 2017 / 4:02 PM / 10 months ago

Italian debt collector doBank picks banks for listing-sources

MILAN, Feb 9 (Reuters) - Italy’s doBank, a debt collector controlled by U.S. investment firm Fortress, has picked Citigroup, JPMorgan and UniCredit as global coordinators for its stock market listing, three sources close to the matter said.

DoBank is monitoring financial markets with an aim to list by June, one of the sources said on Thursday confirming a report in Italian newspaper Il Sole 24 Ore.

Fortress acquired UniCredit’s debt collector unit UCCMB in 2015 and merged it with Italfondiario to create a group managing around 100 billion euros ($106.70 billion) of bad loans. It renamed the group doBank.

Italian banks are under pressure by the European Central Bank to manage more efficiently a total of 360 billion euros in deteriorated loans that weighs on their balance sheets.

In many cases debt collectors have proven more effective than banks in extracting value from soured loans in Italy where the development of a market for selling these toxic assets is still at an early stage.

Rothschild is acting as financial adviser for doBank, two of the sources said. ($1 = 0.9372 euros) (Reporting by Elisa Anzolin; writing by Francesca Landini)

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