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Intesa Sanpaolo to sell two-thirds of its UTPs

26 March, Milano Finanza

Following its plan to transfer its UTPs, Intesa Sanpaolo entered a non-binding agreement with Prelios for the possible creation of a strategic partnership. The operation is said to be already at the due diligence phase, and it may concern 1-2 billion euro of the total UTP stock for 10 billion, while Prelios will manage the remainder. The transaction is in accordance with the bank’s business plan of achieving a 6% gross NPE ratio by 2021. The agreement won’t conflict with Intrum, which is in charge of the Intesa NPLs.

Source: Milano Finanza

Translator: Cristina Ambrosi

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