April 12, 2018 / 8:55 AM / 8 months ago

Carige CEO says more than 100 investors eying problem loan portfolio

MILAN, April 12 (Reuters) - There are more than 100 expressions of interest from investors for a 500 million euro ($618 million) portfolio of unlikely-to-pay (UTP) loans Banca Carige has put up for sale, CEO Paolo Fiorentino said on Thursday.

The CEO added he expected to receive non-binding bids on April 23.

A loan is classed as UTP when borrowers are still solvent but unlikely to repay their obligations in full.

Carige’s latest plan to cut soured debts, approved at the end of March, envisages also a 1 billion euro bad loan sale this year. ($1= 0.8088 euros) (Reporting by Giulio Piovaccari, writing by Valentina Za,)

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