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Intesa to shed $13 billion in bad debts with Intrum deal

Reuters  |  MILAN 

By Valentina Za and Gianluca SemeraroMILAN (Reuters) - Sweden's Intrum Justitia has filed a binding bid for Intesa Sanpaolo's debt collection unit in a 3.6 billion euro deal that rids the Italian bank of 10.8 billion euros ($13 billion) in bad debts.The deal, which Intesa's board will discuss on Tuesday, values the unit at 0.5 billion euros and the bad loans at 3.1 billion euros, implying an overall net capital gain for the bank of 400 million euros, Intesa said.The deal significantly boosts Intrum's presence in Europe's biggest problem loan market, after its acquisition of Italian debt ...

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First Published: Mon, April 16 2018. 23:35 IST