Banco BPM starts sale of 700 mln euros in soured property loans-sources
MILAN, April 6 Investors interested in a 700 million euro ($746 million) portfolio of bad loans backed by real estate assets being put up for sale by Italy's Banco BPM must submit non-binding bids by April 10, three sources close to the matter said.
Italy's third-largest bank is shedding problem assets to comply with demands set by European Central Bank supervisors to authorise a merger between Banco Popolare and BPM last year.
The portfolio, dubbed 'Project Rainbow' and including some loans backed by prestigious hotels, has drawn interest from two dozen potential bidders, the sources said. Binding bids are expected around June 10 from a shortlist of five or six buyers.
KPMG and Banca Akros are advising Banco BPM. ($1 = 0.9383 euros) (Reporting by Massimo Gaia, writing by Valentina Za,)