December 30, 2019 / 8:31 AM / 24 days ago

Monte dei Paschi sells 1.8 billion euros in impaired loans

FILE PHOTO: A sign of the Monte dei Paschi bank is seen in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi

MILAN (Reuters) - Italian state-owned lender Monte dei Paschi di Siena (BMPS.MI) said on Monday it had completed three disposals of impaired loans for around 1.8 billion euros ($2 billion), surpassing a goal set in its restructuring plan two years ahead of time.

Monte dei Paschi said the disposals cut soured loans on its balance sheet to around 12.5% of total lending, better than a 2021 target of 12.9% set in the restructuring plan Italy agreed with the EU Commission when it bailed out the bank in 2017.

The Italian Treasury said on Sunday the government, with the agreement of the European Union Commission, would delay to early 2020 the presentation of a plan to sell its 68% stake in Monte dei Paschi.

($1 = 0.8930 euros)

Reporting by Valentina Za, editing by Louise Heavens

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