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Banks: Mediocredito FVG, agreement with Bain for a credit transfer

 

Over 70% past due debts and 65% bad loans

Banca Mediocredito del Friuli Venezia Giulia SpA has subscribed a bonding agreement with Bain Capital Credit – investor specialized in the purchase of non performing loans – for the true-sale transfer of a portfolio of bad loans, mostly secured, for an amount of approximately 400 million euro.

The success of the transfer   -communicates the bank whose clients are mainly SMEs – is conditioned by the subscription by the partners of an increase of capital of 80 million euro, as decided by the Assembly of Shareholders last 28th April. As already included in the 2017-2019 industrial plan, the transfer of a part of the bad loans and the increase of capital are operations interdependent and essential for the Bank.

The transfer operation concerns over 70% of the past due debts and about 65% of the bad loans owned in total by the Bank at the date of 31st December.

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