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Italian lender Intesa in talks with Prelios over unlikely-to-pay loans

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Italian lender Intesa in talks with Prelios over unlikely-to-pay loans

Italian bank Intesa Sanpaolo SpA said March 26 it signed a nonbinding agreement with Prelios SpA to review options to streamline Intesa's unlikely-to-pay loans portfolio.

It was earlier reported that Intesa was in talks with Prelios over a potential sale of €10 billion in nonperforming property loans.

Any possible deal with Prelios, the Italian debt recovery unit of U.S.-based Davidson Kempner Capital Management LP, would be compliant with annual targets for 2019 financial year, the Italian bank said.

Additionally, the Italian company added that any possible deal will not impact strategic partnership with Swedish debt collector Intrum AB (publ) regarding bad loans.

Earlier in January, Intesa reportedly planned to dispose nonperforming loans from a €15.6 billion unlikely-to-pay debt portfolio.