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Banco Bpm: Credito Fondiario among the favourites for the NPLs
06 December, Finanza Report
The team consisting of Credito Fondiario and Elliott might be the favourite to adjudge the Ace project put for sale by Banco Bpm to get rid of NPLs for 7.8 billion. The team, in fact, offered 20% more the initial price.
The two partners aggressively relaunched to beat the competition of the other two teams: one is composed of doBank, Fortress and Illimity, the other of Prelios and Christofferson Robb & Company. This latter returned into the competition after it seemed already out of the game, according to the rumours gathered by Il Messaggero.
The final decision might come next week with an extraordinary meeting of the Board of Directors to close the deal. The operation might also include the management platform which employs 120 people.
In this regard, it’s possible that, in order to avoid conflicts with the unions, Banco Bpm will keep 49% of the newco which will be created together with the winning bidder. After all, Intesa Sanpaolo followed the same model when it came to transferring its 11-billion NPL portfolio to Intrum.
Meanwhile, the Banco Bpm stocks lost 1.78% on the Stock Exchange.
Source: Finanza Report
Translator: Cristina Ambrosi