Italy's two top banks in talks with KKR over bad loans vehicle

Reuters

MILAN, Feb 6 (Reuters) - Italy's top two banks, Intesa Sanpaolo and UniCredit, are in preliminary talks with U.S. investment fund KKR about setting up a vehicle to hold their restructured loans, two sources close to the matter said on Thursday.

As of Sept 30, 2013, UniCredit had restructured loans of 8.1 billion euros ($11 billion) and Intesa of 2.5 billion euros.

"There are preliminary talks about a possible plan to create a fund between Intesa, UniCredit and KKR," said one of the sources, confirming a report in La Repubblica daily.

Intesa and UniCredit declined to comment. KKR was not immediately available for comment.

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