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Monte Paschi Said to Seek Offers for Managing Its Bad Debts

  • KKR, Blackstone, Cerberus, Apollo targeted as potential buyers
  • Italian bank is said to want non-binding offers by mid-August
Updated on

Banca Monte dei Paschi di Siena SpA will start seeking offers as soon as next week for the platform that manages the Italian bank’s non-performing loans, targeting private-equity firms including KKR & Co. and Blackstone Group LP, two people with knowledge of the matter said.

The lender, which is being advised by Mediobanca SpA, is preparing to send sales documents known as teasers to companies including KKR, Blackstone, Apollo Global Management LLC, Cerberus Capital Management LP, Fortress Investment Group LLC and Lone Star, said the people, who asked to not be named because the process is private. Monte Paschi plans to collect non-binding offers by mid-August, and is aiming to reach an agreement by the end of the year, the people said.