For the transfer of Project Rainbow, a non performing loans portfolio of Banco Bpm of about 750 million euro secured, the offers should be around 250-300 million euro, therefore up to approximately the 40% of the nominal value.
This is what three sources close to the situation are reporting.
The binding offers will come to the advisers’ table, Kpmg and Banca Akros, by the midnight of 5th June. The envelopes will be opened the following day. Hence, explains one of the sources, it will take about one week for the evaluation.
Banco Bpm has selected a short list of four subjects: Blackstone, Cerberus, Bain Capital and Algebris. Several sources report that Bain is particularly aggressive on the operation, although the game is not over yet.
The expected evaluation is high compared to the average Npl portfolios: it should reach the 40% of the nominal value, considering that the average of the most recent deals is rarely over the 20-25%.
This is the first operation for the new group, born from the merger between Bpm and Banco Popolare, which has committed with the Bce on a program to decrease the non performing loans by 8 billion by 2019.