August 22, 2019 / 5:47 PM / 4 months ago

Illimity CEO expects Italian soured bank loan sales of 130-150 billion euros

RIMINI, Italy (Reuters) - Italian banks could offload up to another 150 billion euros (135.47 billion pounds) in soured loans in the next five years, said Corrado Passera, the veteran Italian banker who now heads digital lender and bad loan specialist illimity (ILTY.MI).

Forced by regulators to tackle the legacy of a deep recession, Italian banks have shed some 170 billion euros in impaired loans in the past three years.

“We reckon Italy will see another 130-150 billion euros of NPL deals in the next five years,” Passera told reporters on the sidelines of a conference.

“Banks still have some work to do ... (though) there won’t be more big packages (of loans being sold) or large, undifferentiated deals - managers of non-performing loans will have to specialise.”

Reporting by Riccardo Bastianello, writing by Valentina Za and Kirsten Donovan

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