29 September, Il Sole 24 Ore
The Mps group, currently controlled by the Government, is pursuing its clean-up process of impaired credits launching two auctions (Merlino and Morgana). The Merlino operation is for the transfer of an NPL (secured as well as unsecured) portfolio for an approximate value of 2.5 billion supported by PwC as the advisor. In the meanwhile, the bank has also launched the Morgana project (with Kpmg as the advisor) concerning bad loans for 1.1 billion.
Moreover, the bank is allegedly working also on another operation named Alpha 2 concerning UTPs for about 420 million and approximately 30 holdings in real estate assets. The project is at the final stage, having received the offers in the last few days. Among the candidates, there are Bain Capital Credit, Cerberus and the team formed by Aurora Recovery Capital and the American investor Farallon.
Also other banks are working on their impaired loans. Intesa Sanpaolo is currently carrying two auctions on two NPL portfolios, both for nominal values around 250-300 million. The operations are called Levante, focusing on corporate and real estate holdings, and Luce focused on the photovoltaic industry.
Finally, there is the Ace operation of Banco Bpm, currently the biggest portfolio on the market. The deadline for the binding offers is set for mid-November, and the state guarantee has been requested for a part of the portfolio. The portion destined to Gacs is comprised between 3.5 and 9.5 billion, including a portfolio of leasing credits.
Suorce: Il Sole 24 Ore
Translator: Cristina Ambrosi