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SGA becomes Amco to manage large the UTP portfolios of Mps and other large banks
19 September, Bebeez
The company owned by the Ministry of Finance SGA has become Amco (Asset Management Company). The rebranding aims at reflecting its nature of full-service credit manager. Moreover, the company had increased its staff from 144 employees in 2018 to 211 in 2019, forecasting the growth of the business activities.
Amco is expected to launch soon a fund to manage UTPs from medium and large Italian banks, according to the Cuvèe project. The fund will manage the UTPs of banks such as Banco Bpm, Mps, Ubi Banca and Carige. It will be managed by Prelios, which will also be in charge of the asset collection, while Amco will act as a special servicer and will raise new capitals. The fund is expected to start with assets for 1-2 billion euro to be increased to 3-4 billion euro lately. Finally, Amco is said to acquire the Mps UTP portfolio worth 7 billion euro.
Source: Bebeez
Translator: Cristina Ambrosi