November 2, 2018 / 4:05 PM / 11 days ago

Italy's Popolare del Lazio sheds bad loans in securitisation deal

MILAN, Nov 2 (Reuters) - Italian regional bank Popolare del Lazio said on Friday it had transferred 120.5 million euros ($137 million) in bad loans to a securitisation vehicle dubbed POP NPLs 2018 as part of a deal involving several other banks.

A source familiar with the transaction told Reuters last month that Popolare di Bari, Popolare di Puglia e Basilicata and other banks including Popolare del Lazio were close to offloading a total of 1.6 billion euros in bad loans to a securitisation vehicle.

Popolare del Lazio said in a statement the POP NPLs 2018 vehicle would issue securities backed by the bad loans in the coming weeks and kick off the process to tap the so-called ‘GACS’ state guarantee on the least risky tranche in the securitisation issue.

$1 = 0.8779 euros Reporting by Valentina Za

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