UPDATE 1-UniCredit and Intesa to pool 1 bln euros of bad loans in KKR vehicle

April 17, 2015 7:12 PM

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MILAN, April 17 (Reuters) - UniCredit and Intesa Sanpaolo will pool loans worth 1 billion euros ($1 billion) in a vehicle controlled by U.S. private equity fund KKR , launching an innovative project to tackle soured debts.

The boards of the two banks have approved the transaction but some details remain to be ironed out, the lenders said in a joint statement on Friday.

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