06 December, Milano Finanza
Creval has signed an agreement for the transfer of a portfolio composed of secured non-performing loans (upgraded to Unlikely to Pay) to Hoist Finance for a gross book value of about 24 million euro, with a total portfolio appreciation of 58% of the gross book value.
As communicated by the bank, the portfolio is composed of approximately 140 exposures towards privates, the credits are mostly backed by a residential asset. The operation is consistent with Creval’s objective of transferring non-performing loans as included in the new strategic plan for 2018-2020, with the target of a gross Npe ratio equal to 10% by 2020.
The group has highlighted that the agreement is coherent with the positive track record of the bank that has already completed NPL transfers for a total value of 2.1 billion euro. The most significant operation has been that for 1.4 billion through securitisation with State guarantee (Gacs) on the senior tranche, recently concluded.
On an accounting level, the effects of this operation will be registered in the profit and loss statement of the current financial year. Hoist Finance has been assisted by Banca Akros and Aram Capital Ltd as arrangers for the acquisition of the portfolio. At Piazza Affari, Creval was traded for 1.432 euro, with a decrease of 1.58%.
Source: Milano Finanza
Translator: Cristina Ambrosi