Iccrea Banca is speeding up on the securitisation with Gacs for 500 million euro

05 February, Bebeez

Everything seems to be ready for the securitisation with Gacs of an NPL portfolio for a value of 500 million gross originated by a group of banks of cooperative credit arranged by Iccrea Banca. This multi-seller operation will concern about 20 banks and the portfolio will be mixed and mainly secured, therefore, it will be highly valued.

In the past few weeks, the financial division of Iccrea Banca has been defining the perimeter of the operation in order to submit the business plan to the rating agencies. In fact, the objective is to land on the market before summer and it’s not to be excluded that the portfolio will be bigger than the initial dimensions. The portfolio has been under discussion for about one year.

While in the past few weeks, Iccrea Banca has sold on behalf of a group of banks of cooperative credit a portfolio of 128 million euro to Best Capital Italy srl, the Italian subsidiary of the Polish group Best, specialised in NPL investment and management and listed on the Warsaw Stock Exchange.

In December 2016, Iccrea Banca arranged the transfer of NPLs for 366 million euro to Bayview, while in January 2016 the company transferred always to Bayview a bad loans portfolio originated by banks of cooperative credits for a total value of 300 million euro.

Source: Bebeez

Translator: Cristina Ambrosi

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