MILAN: Italy's two biggest banks, Intesa Sanpaolo and UniCredit, have signed a deal with US private equity firm KKR and restructuring adviser Alvarez & Marsal to create a vehicle for restructured loans, a statement said on Tuesday.
An agreement to "jointly develop and implement an innovative solution" has been signed and talks on the details of the new partnership are ongoing, the four said in a joint statement.
The aim is to "optimize the performance and maximize the value of a selected corporate loan portfolio under restructuring through proactive management and additional funding at the asset level," it said.
Intesa Sanpaolo and UniCredit together had billion of euros in gross restructured loans in 2013.
The vehicle is expected to provide fresh capital for companies hit hard by a long period of recession in Italy.
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