Monte Paschi Agrees to Sell Non-Performing Loans to EpicuroBy
Most of the loans soured before 2009, Italian bank says
Epicuro is a company financed by affiliates of Deutsche Bank
Banca Monte dei Paschi di Siena SpA agreed to sell non-performing loans with a book value of about 1 billion euros ($1.1 billion) to Epicuro SPV, a company backed by affiliates of Deutsche Bank AG, as the world’s oldest bank seeks to shore up its finances.
Most of the loans became non-performing before 2009, the Italian bank said in a statement on Monday. The deal will have a negligible impact on Monte Paschi’s earnings and be completed by the end of the year. The portfolio is composed of almost 18,000 borrowers…
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