Italy's Creval aims to spin off bad loans, triple net profit by 2021

MILAN (Reuters) - Italian mid-sized lender Creval said on Tuesday it would spin off its bad debts into a separate unit and reduce its exposure to domestic government bonds under a new plan seeking to triple net profit in the next three years.The bank expects to roughly halve its gross soured loan burden to below 6.5% of total lending in 2023 from 11.4% in March, by selling a further 800 million euros (£717 million) in problem loans following disposals of around 4 billion euros since..