December 27, 2019 / 8:53 AM / 21 days ago

Italy's AMCO, Prelios to create platform on UTP loans with banks

MILAN, Dec 27 (Reuters) - Italy’s State-owned bad loan manager AMCO and real estate group Prelios said on Friday they agreed with Monte dei Paschi, UBI Banca and Banco BPM to create a platform to sell unlikely-to-pay real estate loans.

Under the agreement, the banks will transfer loans to a new fund for an initial value of around 450 million euros ($501 million), AMCO and Prelios said in a statement, adding they targeted a 1.5 billion euro final portfolio for the fund. ($1 = 0.8981 euros) (Reporting by Giulio Piovaccari; editing by Francesca Landini)

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