Italy's Banca Nationale del Lavoro (BNL) recently confirmed that it is working on a bad loan-backed securitization worth around Lit3 trillion ($1.63 billion). According to Davide Croff, the bank's CEO, the deal will be launched this year, but completed in the new year.

BNL has mandated a consortium of J.P. Morgan, Morgan Stanley Dean Witter and Paribas to examine the financing. If completed the deal will reduce BNL's bad loan portfolio by 18%.

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