Illimity, the entity resulting from special purpose acquisition vehicle Spaxs's purchase of Banca Interprovinciale SpA, is looking to buy nonperforming loans amounting to €2 billion through 2018, Reuters reported, citing CEO Corrado Passera.

Passera said on the sidelines of a shareholder meeting that the new bank is "taking part in various deals and hope to be able to announce some first acquisitions of NPL portfolios in the coming days," according to the Aug. 8 report.

Spaxs bought 91.4% of Interprovinciale in April.