June 19, 2018 / 12:36 PM / 2 months ago

doBank confirms will take part in Banco BPM's bad loan sale

LONDON, June 19 (Reuters) - The chief executive of doBank said on Tuesday Italy’s biggest debt servicing firm would take part in a bad loan sale by Italian lender Banco BPM .

Banco BPM has invited bids for at least 3.5 billion euros ($4 billion) in bad loans and buyers have an option to bid for a larger amount as well as the lender’s debt collection unit.

Sources had told Reuters doBank was among investors interested in the unit.

Speaking to the press after doBank presented its new 2018-2020 business plan in London, CEO Andrea Mangoni confirmed doBank’s interest adding however that “financial discipline was fundamental.”

CFO Manuela Franchi explained earlier that doBank had looked at various units that were put up for sale by Italian banks but had concluded against an acquisition to avoid diluting margins. ($1 = 0.8668 euros) (Reporting by Pamela Barbaglia)

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