Italy's AMCO given access to Monte dei Paschi problem loan data

Credit: REUTERS/Jennifer Lorenzini

Italy's state-owned bad loan manager AMCO has been granted access to problem loan data of Monte dei Paschi di Siena as the process to sell the troubled bank moves ahead.

MILAN, Aug 31 (Reuters) - Italy's state-owned bad loan manager AMCO has been granted access to problem loan data of Monte dei Paschi di Siena BMPS.MI as the process to sell the troubled bank moves ahead.

Monte dei Paschi (MPS) said on Tuesday that a special data room for non-performing loans and loans that might turn sour, so-called Stage 2 loans, had been set up and AMCO admitted.

The Siena-based bank also said in a statement that due diligence on its books by UniCredit CRDI.MI and meetings between respective managers of the two banks were continuing.

Italy's UniCredit last month entered into exclusive talks with the Treasury to buy "selected parts" of MPS, which is 64%owned by the state after a 2017 bailout.

It has said it will not take on any impaired loans and is interested in MPS bank branches that will boost its presence in Italy's wealthier centre-north region.

MPS also said on Tuesday that state-owned bank Mediocredito Centrale (MCC) had been granted access to the part of the data room process devoted to bank branches.

Sources told Reuters on Monday that MCC was ready to take on MPS branches in southern Italy as well as any branches UniCredit may not acquire for overlap reasons.

(Reporting by Stephen Jewkes; Editing by Alexander Smith)

((stephen.jewkes@thomsonreuters.com; +39.0266129695; Reuters Messaging: stephen.jewkes.thomsonreuters.com@reuters.net))

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