During the bank's shareholders' meeting held today, the Chief Executive Officer of Unicredit Federico Ghizzoni expressed a positive opinion on the newborn Atlante fund, created with the aim of acting as a lifesaver for future capital increases by Italian institutions, but above all for the purchase of bad debts. According to the CEO, the fund will also give a “big hand to Unicredit, favoring the reduction of non-performing loans.
"If Atlante works, and I think it will, it will lend an important hand" in reducing non-performing loans, adding that the investment will not weigh on the bank's balance sheets since it is "a financial investment".
The banker from Emilia also spoke about some characteristics of the fund, confirming the five-year duration with the possibility of renewal year by year for the next three years, the option relating to early exit subject to authorization from the asset management company and the forecast of a return on investment .
“A return of the fund is expected – Ghizzoni explained –. There is a commitment by the sgr to give a return which for reasons of confidentiality I cannot disclose”.
Finally, the banker stated that he shared” the aims of the fund which justify the investment. For us, the part relating to suffering is especially fundamental ”, he added.
As regards the Government's promises on enforcement and debt collection, the CEO of Unicredit said he was convinced that, with these interventions and with the launch of the Atlante fund, "the possibility of recovering non-performing loans at even more competitive prices for banks will be possible”.
