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BPER sells €150M of bad loans

Banca Popolare dell'Emilia Romagna SC said Dec. 22 that it sold a portfolio of bad loans with a book value of €150 million.

The buyer was described as "a company that specializes in this sector."

The portfolio is made up of about 70 positions, mainly in the corporate sector and unsecured.

The deal will have "no significant effects on the consolidated income statement at the year-end and practically zero impact on the common equity Tier 1 ratio," BPER said. The transaction completes the bank's bad loans sales program for 2016, with the lender getting rid of loans with a total book value of more than €700 million in 2016.

Oliver Wyman acted as arranger and Orrick, Herrington & Sutcliffe acted as legal adviser.