June 29, 2020 / 2:09 PM / 5 days ago

Italy's Popolare Bari agrees to sell 2 bln euro soured loan portfolio to AMCO

MILAN, June 29 (Reuters) - Italian lender Banco Popolare di Bari said on Monday it had agreed to sell a portfolio of soured loans with a gross value of two billion euros to state-owned bad loan manager AMCO.

The bank said the price of the deal was around 500 million euros ($563 million).

Some 60% of the portfolio to be sold to AMCO comprises unlikely-to-pay loans, it added.

$1 = 0.8882 euros Reporting by Stephen Jewkes, editing by Giulia Segreti

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