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The Rossini project by Banca Marche is at the final rush: three funds for one billion NPL

15 October, Il Sole 24 Ore

The binding offers for the Rossini project are expected for tomorrow. The project was launched by the Rev, the bad bank that received 10.3 billion bad loans from Banca Etruria, Carichieti, Cariferrara, and Banca Marche.

The operation is managed by Kpmg and it sees the transfer of about one billion NPL. According to the rumours, three players have been admitted to the final round of the tender. Among the names short-listed to present the offer, there are the American Bain, Fortress, and Cerberus.

The name of the project launched by the Rev, Rossini (from the famous composer from Marche), has a clear meaning: 65% of the bad loans come from the former Banca Marche. The rest is from Etruria, Carichieti, and Cariferrara. Moreover, the one billion portfolio is for 40% secured by residential real estate.

The remainder of the NPL portfolio belongs to Etruria, Carichieti e Cariferrara. Besides, 80% of the properties are located in Central Italy, especially in Marche, Abruzzo, Lazio, and Emilia Romagna. In the portfolio, there are residential, industrial, and commercial properties. We must add that the Rev might be already working on another project. According to the rumours, it might be launching a tranche around 1.5-2.5 billion euro of a securitisation which will involve Gacs, namely government guarantees. For this purpose, a servicer might be chosen.

In this way, the work of the company led Salvatore Immordino continues, with a first direct sales operation concluded in September on an unsecured portfolio. In fact, a 300 million euro bad loans portfolio was sold to the American fund Seer Capital Management. The operation was carried out through Locam spa, a Rome-based servicer specialised in non-performing loans, controlled by Seer Capital since 2013. That portfolio was composed mainly of small credits, unlike the Rossini portfolio, which implies the sales of credits backed by real estate.

In the past few months, Rev has cashed also about 180 million euro through the ordinary management and the sales of some properties put as a guarantee of leasing loans.

 

Source: Il Sole 24 Ore (by Carlo Festa)

Translator: Cristina Ambrosi