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DoBank reaches final agreement to manage €1B of 3 Italian lenders' soured loans

DoBank SpA reached a final agreement for the management of an approximately €1 billion nonperforming loan portfolio as part of the bailout deal for Italian banks Cassa di Risparmio di Rimini SpA, Cassa di Risparmio di Cesena SpA and Cassa di Risparmio di San Miniato SpA.

DoBank will act as special servicer within the deal, with the appointment being in line with its business plan and growth strategy. The bank expects to start managing the portfolio in the first quarter of 2018.

The three banks are being taken over by Crédit Agricole SA unit Crédit Agricole Cariparma SpA.

In October, doBank signed a preliminary agreement to manage €8 billion of Banca Monte dei Paschi di Siena SpA's €26 billion bad loan securitization.