(Visited 455 times, 1 visits today)
(Visited 455 times, 1 visits today)
  • Transaction / Assets
    two NPL portfolios
  • Seller
    Banca Popolare di Vicenza and Veneto Banca
  • Buyer
  • € MM
    18 billion

SGA has acquired 18 billion-euro bad loans from the Venetian banks

12 April, Bebeez

SGA (Società per la Gestione di Attività spa) has announced the signing of the agreement concerning the acquisition from the two Venetian banks in compulsory administrative liquidation of their debts. The agreement follows the decree from the Ministry of Economy issued on 12th March that implements the article 5 of the decree issued in June 2017. In that decree, the Government launched “urgent provisions for the compulsory administrative liquidation of Banca Popolare di Vicenza spa and of Veneto Banca spa”.

With these agreements, the liquidation officers of Banca Popolare di Vicenza and Veneto Banca have transferred to SGA those credits classified as non-performing, unlikely to pay and past due at the date of launching of the compulsory administrative liquidation and that had been not transferred to Intesa Sanpaolo. The portfolios are composed of about 112 thousand debts and have a total gross value of approximately 18 billion euro.

At this stage, SGA can start the credit management activity with the objective of maximizing the collection values and consequent improving the relations with the debtors.

Enrico Marchi, Banca Finint president, last January declared his interest in the dossiers. In fact, he said that Finint with its servicing division might “try to better manage the bad loans of the Venetian banks that will be transferred to SGA and from SGA to the company it will decide to appoint”.

More in detail, about 9 billion euro of UTPs won’t be managed by SGA, unlike the NPLs. SGA won’t be able to issue by itself the capitals necessary to relaunch the struggling companies and avoid that the unlikely to pay will become bad loans. This means that specialised operators will be required for the operation.

Source: Bebeez

Translator: Cristina Ambrosi


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