27 June, Il Sole 24 Ore
Banco Bpm is accelerating the NPL disposal process. Concerning the remaining operations included in the de-risking plan (equal to approximately to 3.5 billion euro), the group announced to have already started “the data room to gather the manifestations of interest from the potential investors”, confirming in this way the rumours regarding a new transfer of bad loans.
The announcement follows the completion of the “Exodus project”, as the Board of Directors gave yesterday the green light to the sale (featuring Banca Akros as arranger) of 95% of the mezzanine and junior tranches (203.8 million euro in total) issued with the securitisation to Christofferson Robb & Company. The sale of the mezzanine and junior notes will allow Banco Bpm to deconsolidate the bad loans of the securitisation – 5.1 billion euro at the cut-off date – before the end of the semester at 34.3% of the price. In the meanwhile, the Gacs on the senior tranche will come in the next weeks.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi