December 28, 2016 / 11:07 AM / 4 years ago

Intesa draws bidder shortlist for 2.5 billion euro bad loan sale: sources

The Intesa Sanpaolo logo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini

MILAN (Reuters) - Intesa Sanpaolo (ISP.MI) has included Apollo Global Management (APO.N), Cerberus and Christofferson Robb & Company in a short list of bidders for a 2.5 billion euro ($2.61 billion) bad loan portfolio it aims to sell, two sources close to the matter said.

The sale - dubbed “Beyond the Clouds” - is expected to be concluded in the first quarter of next year, added the sources on Wednesday.

The parties involved could not be immediately reached for comment.

The sale has initially attracted at least seven non-binding bids, sources have said previously.

Reporting by Massimo Gaia, writing by Agnieszka Flak

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