02 January, Finanza Report
Banca Popolare di Bari and Cerved Credit Management Group, an indirect subsidiary of Cerved Information Solutions, have finalized a deal concerning a strategic long-term partnership for the management of the NPLs of the bank.
The ten-years agreement, according to the memo published last week, concerns the management of NPLs for about 1.1 billion euro, to which 75% of the future bad loans will be added, as well as 55% of the future unlikely to pay generated by Banca Popolare di Bari.
Pursuant to the agreement, Cerved Credit Management Group has concluded the purchase from Banca Popolare di Bari of the entire capital of Credit Management, operating in the management of NPLs on behalf of the group Banca Popolare di Bari, for a value of 18 million euro. To this result, it will be also added a maximum earn-out of 3 million based on the achievement of economic results till 2021.
The bank has been assisted in the operation by Kpmg Advisory in the role of financial advisor and by law firm Rcc for the legal matters. Cerved Credit Management Group has been assisted by Latham & Watkins for the legal matters and by Pirola, Pennuto, Zei e Associati for the financial due diligence.
Source: Finanza Report
Translator: Cristina Ambrosi