05 August, Finance Community
Following a tender to acquire NPLs amounting to €900 million originated from MPS (Banca Montepaschi di Siena), Intrum got €365 million (primarily unsecured loans), Amco bought non-performing loans for €208 million, and Illimity acquired corporate loans for €340 million. The operation will be completed by Q4 2022.
Source: Finance Community
Translator: Cristina Ambrosi
10 September, Finanza Report
The negotiation for the merger between UniCredit and Mps had been extended. The results of the due diligence will be decisive for a risk-free acquisition by UniCredit. The operation is hazardous due to the considerable amount of non-performing loans and credits at risk for about 15 billion € held by Mps. UniCredit is mainly interested in Mps branches in the north and central Italy and the online bank Widiba.
Source: Finanza Report
Translator: Cristina Ambrosi
23 March, Bebeez
Following its derisking process started in 2019, Banca Carige transferred to Amco a leasing portfolio amounting to 70 million €. The portfolio includes NPLs and UTPs, mostly deriving from real estate leasing. As a result of this transaction, the quality of the bank’s assets has further improved, with the gross NPE ratio set at 4.5% and the net NPE ratio at 2.4%.
Source: Bebeez
Translator: Cristina Ambrosi
09 February, Bebeez
Reuters reports that Intesa Sanpaolo is currently exploring the possibility of disposing non-performing loans between 5 and 6 billion €. Consistent with the bank’s de-risking process, the gross NPLs at the end of 2020 declined to 24.6 billion €, reporting a 5.9% NPE ratio, allowing Intesa Sanpaolo to exceed its objectives set in its 2018-2021 plan.
Source: Bebeez
Translator: Cristina Ambrosi
12 June, Bebeez
The European Antitrust Authority has set limits to the transfer of UTPs for 7 billion euro from Mps to Sga since both parts have the Ministry of Economy as the main shareholder. The Authority imposed to Mps to appoint an advisor to supervise the operation to make sure it will be carried at market values. Oliver Wyman will likely be the advisor.
Meanwhile, the Papa2 and Lima operations are about to conclude. The former concerns UTPs backed by real estate for a gross value of 500 million euro. The buyer might be Cerberus. The latter is constituted by five or single-name holdings for 130 million euro and might go to Bank of America Merrill Lynch.
Source: Bebeez
Translator: Cristina Ambrosi
23 May, CityWire
UniCredit is about to sell an NPL portfolio for a nominal value of 5 billion euro, pursuing in this way its long-term de-risking plan. The bank is currently selecting the credits to include in the operations. Hence, the dimensions of the portfolio are not defined yet.
Source: CityWire
Translator: Cristina Ambrosi
04 May, Milano Finanza
Intesa Sanpaolo is currently negotiating a deal with Prelios concerning its UPTs amounting to 10 billion euro in total. The servicer might acquire a UTP portfolio for four billion and manage UPTs for other six billion which would be still held by the bank. Although the selling price for the portfolio hasn’t been disclosed yet, it might be sold at 50-55% of its nominal value with a 36.2% coverage.
Source: Milano Finanza
Translator: Cristina Ambrosi
03 April, City Wire
Mps launched the Ismea project for the sale of an NPL portfolio composed of credits concerning about 1,200 agricultural companies and originating from Banca Verde, which was acquired by the group in 2004. The estimated valued of the NPLs is 600 million euro.
Source: City Wire
Translator: Cristina Ambrosi
26 March, Milano Finanza
Following its plan to transfer its UTPs, Intesa Sanpaolo entered a non-binding agreement with Prelios for the possible creation of a strategic partnership. The operation is said to be already at the due diligence phase, and it may concern 1-2 billion euro of the total UTP stock for 10 billion, while Prelios will manage the remainder. The transaction is in accordance with the bank’s business plan of achieving a 6% gross NPE ratio by 2021. The agreement won’t conflict with Intrum, which is in charge of the Intesa NPLs.
Source: Milano Finanza
Translator: Cristina Ambrosi
03 April, Il Sole 24 Ore
Mps is planning to relaunch Sansedoni, the real estate company owned by Fondazione Mps and the bank itself. The operation will imply the negotiation of the debt, amounting to 160 million euro, along with the re-organisation of the real estate and servicing divisions. Meanwhile, the bank is studying the sale of its real estate portfolio, mainly composed of offices, for 600 million.
Concerning the NPLs, the operations currently in progress or recently closed amount to 7 billion euro. Mps aims at bringing the NPL stock to 13.8 billion by the end of 2019.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi
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