18 October, Il Sole 24 Ore
The procedure: awaiting the assembly on 24th October, the fair valuation is fundamental. Most of the portfolio is secured.
The negotiation for the transfer of approximately one billion non-performing loans by Rev Gestione Crediti is at a crucial point. The bad bank received 10.3 billion bad loans coming from Banca Etruria, Carichieti, Cariferrara, and Banca Marche. According to the rumours, yesterday the team led by the Ceo Salvatore Immordino and KPMG in the role of advisor opened the offers submitted by the three bidders, the American funds Bain, Fortress, and Cerberus, for the Project Rossini. The project was launched by Rev and it sees the transfer of one billion bad loans, mostly guaranteed by real estate and belonging for the most part to the former Banca Marche.
Moreover, the Board of Directors gathering on 24th October might already have a fair valuation by a consultant on the offers received. In any case, according to financial sources, only two offers would be analysed of the three arrived yesterday morning: those of Cerberus and Bain, judged economically superior, even if with different characteristics, compared to that of Fortress. It will take a couple of days to know the winner. This will be a fundamental step for Rev, which is about to sell the large-sized secured portfolio (guaranteed by real estate). However, the selling price will be determining.
The name of the dossier, Project Rossini (from the famous composer from Marche) has some specific characteristics: 65% of the bad loans belongs to Banca Marche, the remainder comes from Banca Etruria, Carichieti, and Cariferrara. Besides, 40% of the portfolio is secured by residential properties. It’s also interesting to note that 80% of the properties are located in the Centre of Italy, especially in Marche, Abruzzo, Lazio, and Emilia Romagna. The portfolio is composed of residential, industrial, and commercial properties.
The conclusion of the tender for Rev is fundamental to open a new dossier, after having sold during the summer a 300 million bad loans portfolio to the American fund Seer Capital Management. In fact, Rev must be already working on another project related to the launch of a 1.5-2.5 billion euro tranche of a securitisation which will use Gacs, namely government guarantees.
Source: Il Sole 24 Ore (by Carlo Festa)
Translator: Cristina Ambrosi