Royal Bank of Scotland and GE Capital have sold more than 2bn of non-performing Italian corporate loans to the private equity firm AnaCap, in a sign that the long-awaited clear-out of the countrys bad debts is gathering pace.
UK-based AnaCap will acquire a 1bn portfolio from each of the two lenders. The loans were originally bought in 2007 and 2008 from Italian banks, and include secured and unsecured debts owed by small and medium-sized businesses.
The deal comes as private equity and distressed debt investors are positioning for a wider clear-up of Italian bank balance sheets, after government reforms to speed up the process.
Only about 10bn of loans were sold last year, as banks have been unwillin…
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