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Unicredit is preparing a new Sandokan operation: an NPL portfolio almost 3 billion worth

04 May, Citywire

Unicredit might launch soon a new Sandokan, the NPL and impaired credits management project launched in autumn 2015.

According to Milano Finanza, the bank guided by Jean Pierre Mustier will not launch a public tender, but it will rather address directly the players of the first edition, namely Pimco, Gwm, and the servicer Aurora Recovery Capital (Arec). The dimensions of the portfolio haven’t been defined yet, but rumours talk about a nominal value higher than Sandokan 1 and close to 3 billion euro. The portfolio is supposed to include mostly unlikely to pay backed by real estate, while non-performing loans will be a small part.

If confirmed, the strategy will be consistent with the Unicredit business plan, all focused on derisking. Last year the bank concluded the Fino project, transferring a portfolio of over 17 billion euro to Fortress and Pimco that was subsequently securitised with Gacs. Another small portfolio (Firenze), mostly unsecured, was sold at the end of 2017, while single name sales have continued month after month.

During the Investor Day in London, Mustier announced that the bad loans will be additionally reduced by 4 billion gross by the end of 2019 in order to bring the total stock down to 40.3 billion.

The impact on the total assets is assessed around 7.8% compared to the 8.4% of last year.

Source: Citywire

Translator: Cristina Ambrosi

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