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Banco Bpm: 3 teams short-listed for the 3.5-billion NPL portfolio

03 August, Il Sole 24 Ore

The due diligence on the offers will last 2-3 months. Among the non-binding offers received on 11th July for the NPL portfolio valued 3.5 billion, Banco Bpm selected three teams of investors with whom the bank will start the negotiations to find the counterpart for the transaction.

As the memo from the bank reads, the potential buyers are the team composed of DoBank, Fortress and Spaxs, the group of Credito Fondiario and the American fund Fortress and the Christofferson Robb & Company Davidson Kempner and Prelios one. The note also mentions that operation might concern a larger amount of credits: “In order to accelerate the de-risking process, the bank might consider during the negotiation phase to transfer a larger amount, and the servicing platform might also be included in the transaction”. The expected time to complete the operation will be defined during the due diligence activity, which will take approximately 2-3 months.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi