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Italy's Banco BPM approves sale of €1B UTP loans

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Italy's Banco BPM approves sale of €1B UTP loans

The board of Italy's Banco BPM SpA has approved the sale of unlikely-to-pay, or UTP, loans made to mainly corporate clients for more than €1 billion.

The approval comes after Credito Fondiario SpA and state-owned bad-loan manager AMCO - Asset Management Co. SpA placed bids for the soured debt in October.

The sale and certain other transactions likely to complete by 2020-end will cut Banco BPM's nonperforming exposure ratio from 8.6% to around 7.7%. The transactions are worth up to 1.2 billion.

Banca Akros and Deloitte acted as financial advisers to Banco BPM on the deal, while Studio Chiomenti was the bank's legal adviser.