MILAN Aug 8 Italy's Banco Popolare is
looking to sell chunks of soured loans after pulling the sale of
a majority stake in its bad debt unit earlier this year and is
currently in talks over the disposal of a 300-400 million euro
pool, its CEO said on Friday.
CEO Pier Francesco Saviotti told an analyst call that the
bank hoped to seal the sale of this "initial cluster" of bad
loans in the first 10 days of September.
"After that, we'll start again working on other clusters
we're devising in an attempt to meet the specific needs of
different types of interested investors," he said.
At the beginning of the summer the bank dropped plans to
sell a majority stake in its Release unit which holds and
manages soured loans and real estate assets with a total gross
value of 3.2 billion euros ($4.3 billion).
"On Release we may have been too ambitious but it was
because others had expressed an interest," Saviotti said.
"We prepared a teaser for the sale of a 51 percent stake
but in the end a couple of bidders were still there and they
wanted to do cherry picking. We did not like the conditions. So
we're now trying to put on the market some pieces or clusters."
(1 US dollar = 0.7456 euro)
(Reporting by Valentina Za and Andrea Mandala)