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Credit Agricole Said to Start $7.5 Billion Italy Loan Sale

  • Bank is selling NPLs bought from other institutions years ago
  • Non-binding offers are due by end of March, closing by June
Updated on

Credit Agricole SA is seeking to sell about 6 billion euros ($7.5 billion) of Italian non-performing loans bought from other institutions a decade or more ago, according to people with knowledge of the matter.

The French bank is trying to offload its holdings in four different bad-loan securitizations, along with the Luxembourg-based entity that issued them, said the people, who asked not be identified because the matter is private. The vehicles were created between 2006 and 2008 when Credit Agricole’s investment-banking unit purchased and securitized the loans, they said.