UPDATE 1-UniCredit board approves launch of bad loans vehicle with Intesa, KKR

April 9, 2015 6:36 PM

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MILAN, April 9 (Reuters) - The board of UniCredit, Italy's largest bank by assets, has approved a plan to set up a pool of restructured loans with domestic rival Intesa Sanpaolo and U.S. private equity firm KKR, UniCredit's chief executive said on Thursday.

The banks hope that combining problem loans with the benefit of outside expertise and capital will make the debt easier to recover or to sell to third parties.

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