IFIS CEO says binding bids for sale of bad loan business expected by end-year
XLF•Binding bids expected by year-end
MILAN, Aug. 4 (Reuters) - Italy's Banca IFIS expects to receive binding bids by the end of the year for its non-performing loan business, which it has put up for sale due to European Central Bank rules on provisioning, Chief Executive Frederik Geertman said.
The NPL portfolio owned by IFIS was worth €16.2 billion at the end of June in gross terms and €1.5 billion net of provisions, presentation slides showed.
Geertman said "very high level players", both international and domestic, had expressed interest in the asset and signed non-disclosure agreements.
