Banco Bpm sold to Illimity Bank a leasing portfolio classified as "non-performing" for a value of 650 million euro.
In particular, specifies the bank's note, "these are mainly credits deriving from active and passive legal relationships attributable to leasing contracts classified as non-performing (together with real estate or movable assets and the underlying contracts)".
The closing of the transaction will take place in several phases starting from 30 June 2019, with conclusion expected by mid-2020. "No material impacts are expected on the income statement as a result of the sale", specifies the Bank.
After the closing of the sale, the gross NPE ratio as of 31.12.2018 decreased from 10,8% to a pro-forma of 10,3%.
Banco BPM made use of the assistance of Akros and Deutsche Bank as financial advisor, Deloitte as industrial advisor and Chiomenti as legal advisor.
