03 January, Monitor Immobiliare
Banca Carige, after the transfer of NPLs for 1.2 billion to Credito Fondiario, might also transfer another non-performing loan portfolio for 200 million euro to Sga, a company acquired by the Ministry of Economy and Finance in 2016.
A preliminary agreement was reached in December when Banca Carige granted to one of its guarantors the right of first offer on an NPL portfolio with a gross value of 200 million euro.
The guarantor was indeed Sga. The company already took part in the capital increase of Carige in the role of investor. The amount of the portfolio is not very high, but the transfer would represent another step toward the objective set in the industrial plan for the reduction of the initial stock up to 1.6 billion by the end of 2018 and to 1.1 billion by 2020.
In 2018, the bank might put on the market portfolios for a total value of half a billion euro. The Board of Directors will gather in mid-December to make an update on the NPL disposal operations.
Source: Monitor Immobiliare
Translator: Cristina Ambrosi