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NPLs, Banco di Napoli sells to a Swedish company

30 January, Il Mattino

Intesa Sanpaolo speaks about a simple NPL transfer through a platform to promote the NPLs in excess. The financial operation, therefore, has no consequences in terms of jobs. Nevertheless, the employees and the unions are worried. They worry about the future of the Credit Collection Division, where half of the 550 employees work in the south of the country, in Campania, Puglia, Basilica, Calabria and Sicily.

In January, the press agency Bloomberg reported negotiations going on between the first Italian bank and Lindorff-Intrum Justitia for the creation of a common platform to manage bad loans, together with the transfer of a non-performing loans portfolio valued around 10 billion euro. To this, a long-term agreement on the additional NPL stock might also follow. Shortly after, Unicredit published a memo confirming only some “strategic options in the servicing activity of bad loans”. But all the operations of a more corporate nature are denied, explaining that “only the transfer of an NPL portfolio” is currently under discussion.

The negotiation with the Swedish company is at an advanced stage and everything will be clearer on 6th February when the Carlo Messina will present the new business plan. The decision of outsourcing the management of such a high amount arises some concerns on the presence of Banco di Napoli. Moreover, working on the credit collection for the 7 billion gross bad loans of the South, there are about one hundred employees between Naples, Caserta and Salerno, 38 in Bari, 100 in Potenza, 22 in Cosenza and 10 in Palermo.

The manager appointed for the southern area explains: “That would be another hit for the economy of the south. If Intesa is replaced by a foreign company, with no knowledge of the territory and of the society as we have, they will pay attention only to the financial and operational side of the matter. Whereas we have worked together with the companies to get them out of the crisis”.

All the unions of the sector (Fisac Cgil, FirstCisl e Uilca in testa) have asked Intesa Sanpaolo to keep the management of the Credit Collection Division in the business unit named Capital Light Bank and to not outsource the function.

Source: Il Mattino

Translator: Cristina Ambrosi

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