January 8, 2019 / 11:07 AM / 9 months ago

Italy's Guber and Barclays buy 150 million euros in bad loans from Banca Valsabbina

FILE PHOTO: Workers are seen in at Barclays bank offices in the Canary Wharf financial district in London, Britain, November 17, 2017. REUTERS/Toby Melville

MILAN (Reuters) - Italy’s Guber Banca and Barclays Bank (BARC.L) bought a bad loan portfolio from Banca Valsabbina worth around 150 million euros (£134.5 million), the Italian lender said on Tuesday.

Under pressure from regulators, Italian banks have shifted some 130 billion euros in defaulted loans off their balance sheets over the past two years.

The portfolio will be acquired through a securitisation vehicle, Guber Banca said in a statement.

Guber Banca, a bad loan specialist which last year obtained a banking licence from the European Central Bank, currently manages around 9 billion euros in loans.

Reporting by Giulio Piovaccari; editing by Jason Neely

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