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  • Transaction / Assets
    NPL portfolio
  • Seller
    Banco Bpm
  • Buyer
    Elliott and Fonspa
  • € MM
    8 billion

Fonspa and Elliott acquired NPLs for 8 billion from Banco Bpm

10 December, Il Sole 24 Ore

The team composed of Credito Fondiario (Fonspa) and Elliott adjudicated the non-performing loan portfolio for 8 billion euro put for sale by Banco Bpm along with the management platform. Therefore, the Ace project has concluded. The Board of Directors headed by Giuseppe Castagna named the winners who will obtain the exclusive right to close the auction.

Fonspa and Elliott — assisted by Goldman Sachs and PwC — had met the price expectations of Banco Bpm, relaunching by 24-25% the nominal value. The offer concerns the NPL portfolio, valued 7.8 billion, and another portfolio of credits backed by leasing contracts for 800 million as well as 51% of the management platform.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi