06 April, Finanza Online
Agreement between Creval and Algebris concerning non-performing loans. The Sondrio-based bank has communicated to have reached an agreement with Algebris for the transfer of a secured portfolio mostly composed of unlikely to pay for a gross book value (Gbv) of over 245 million euro for a price 43% higher the Gbv. The portfolio will be acquired by Algebris Npl Partnership II and it includes credits mainly from real estate companies. The transfer is aligned with the de-risking objectives included in the 2018-2020 business plan concerning the reduction of NPLs to a Npe ratio below 10% by 2020.
Creval has stated that the operation will not impact significantly the income for the current financial year, even considering the adjustments on credits applied in accordance with the Ifrs9 accounting principle, with consequences on the Cet1 through the phasing-in mechanism.
Source: Finanza Online
Transaltor: Cristina Ambrosi