August 8, 2018 / 10:56 AM / 10 months ago

New Italian bank Illimity to buy 2 bln euros in NPLs this year

MILAN, Aug 8 (Reuters) - An Italian bank created from the combination of special purpose acquisition company SPAXS and Banca Interprovinciale aims to buy non-performing loans this year for a total gross book value of around 2 billion euros ($2.3 billion), its CEO said.

The new bank, whose name will be Illimity, was set up to trounce industry returns by chasing higher-margin borrowers and going digital to keep costs down.

“We are taking part in various deals and hope to be able to announce some first acquisitions of NPL portfolios in the coming days,” Illimity’s CEO and veteran banker Corrado Passera told journalists on the sideline of a shareholder meeting called to approve the creation of the new lender.

$1 = 0.8624 euros Reporting by Andrea Mandala, writing by Agnieszka Flak, editing by Giulia Segreti

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