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Italy's SGA makes offer to buy bad loans from Banca del Fucino

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Italy's SGA makes offer to buy bad loans from Banca del Fucino

Italian bad loan manager Società per la Gestione di Attività - SGA SpA said Dec. 21 that it made an offer to acquire a €314 million nonperforming loans portfolio from Banca del Fucino SpA, Reuters reported.

The portfolio consists of €211 million in bad loans and €103 million in unlikely-to-pay loans.

SGA expects to finalize the acquisition in the first quarter of 2019 and plans to securitize the portfolio and sell it to investors, Reuters noted.

In November, Igea Banca SpA agreed to acquire Banca del Fucino.