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First offers for the 6 billion-euro NPLs put for sale by Credit Agricole on the secondary market

13 April, Bebeez

There are the Cerberus-Banca Ifis and CRC-Bayview teams, as well as the British Arrow Global, the Swedish Hoist Finance and the American D.E. Shaw competing for the 6 billion-euro gross NPLs of Italian origin put for sale on the secondary market by the investment banking di Crédit Agricole. These are the potential investors that have recently submitted to the advisor Kmpg their non-binding offers.

Among the candidates, there is also Spaxs, the Special Purpose Acquisition Company promoted by da Corrado Passera and Andrea Clamer. The company’s objective, in fact, is to acquire a small bank to capitalize and transform into a bigger bank specialised in NPL acquisitions, as well as in financing to SMEs. However, the acquisition seems close: rumours speak about Banca Interprovinciale, a small commercial bank from Modena.

Concerning the NPL portfolio for sale, this is composed of credits included in four securitisation vehicles under the Luxemburgish Law. The credits are referred to loans mainly unsecured type issued on the Italian market to privates and SMEs and then securitised a couple of years ago. This means that the net value of the operation is assessed around a couple of hundred million euro.

Source: Bebeez

Translator: Cristina Ambrosi