Private equity firm AnaCap Financial Partners said on Friday it had bought two portfolios of Italian non-performing loans together worth more than 2 billion euros ($2.2 billion) from GE Capital Real Estate and the Royal Bank of Scotland.
AnaCap has now purchased about 8 billion euros worth of Italian bad loans over the last four years, as well as a 550 million euro performing portfolio of Italian salary guaranteed loans.
The latest portfolios include secured and unsecured loans to small and medium-sized enterprises, with the secured positions held against residential and other commercial property.
Non-performing loan sales have been gaining traction in Italy as the low-interest environment in the euro zone increases appetite for higher risk and return investments, such as distressed assets.
Italian banks have been pounded on the Milan bourse this year, due in part to investor concerns over their stocks of non-performing loans, largely accumulated during the recent economic downturn.
($1 = 0.9122 euros) (Reporting by Richa Naidu; Editing by Mark Potter)