(Corrects to show the right gross book value of each borrower in bullets 2 and 3)
MILAN, Dec 19 (Reuters) - Italian lender Banco BPM said on Tuesday its board had approved the sale of two without-recourse, unsecured bad loan portfolios:
* gross value of the two portfolios is about 1.8 billion euros
* best offer for a portfolio denominated large comprising 370 borrowers with a gross book value of more than 1 million euros each was submitted by Italian investment company J Invest
* Leading NPL investor Hoist Finance was awarded the mid-portfolio comprising 16,400 borrowers with a gross book value of less than 1 million euros
* the sales will be finalised by December 31, 2017
* once completed total bad loan disposals since 2016 will be more than 4.5 billion euros, exceeding the targets of the bank’s 2016-2019 plan (Reporting by Stephen Jewkes, editing by Steve Scherer)
Our Standards: The Thomson Reuters Trust Principles.