11 January, Milano Finanza
Banca Akros, the corporate investment bank of the group Banco Bpm, has completed the transfer of bad loans from five Italian banks. As the arranger of the entire operation, the merchant bank has organized the competitive auction for the transfer on the band loans, mainly originated from mortgages, that have been bought by an international fund specialised in the purchase and management of NPLs. The price and the buyer have not been disclosed.
The banks that have participated were Banca Centropadana Credito Cooperativo, Banca di Piacenza, Banca Valsabbina, Sanfelice 1893 Banca Popolare, and Banca Mediocredito del Friuli Venezia Giulia. The firm Orrick has been the legal advisor for the operation, that has been carried out through the platform Multiseller Npl, the first open multioriginator platform created in Italy per the disposal of bad loans and unlikely to pay (UTP), allowing banks and investor to optimize their needs connecting the demand with the offer.
Besides, the software Multiseller Npl offers a lot of advantages also to investors operating in the Italian NPL market since it makes possible to buy, simultaneously or at auction, credits from several Italian banks, with the opportunity to use the financial leverage included in the platform to reduce the funding costs. In the meanwhile, on Piazza Affari, the stocks of Banco Bpm have raised by 1.61% reaching 2.9 euro.
Source: Milano Finanza
Translator: Cristina Ambrosi