Banco Bpm sells two portfolios of unsecured non-performing loans. The first portfolio, called Large, is made up of approximately 370 debtors in insolvency proceedings with GBV exceeding one million euro. The second, called Mid, includes around 16.400 debtors with GBV of less than 1 million. The total nominal amount is approximately 1,8 billion euros gross as at 30 September 2017.
The operation, as explained in a press release, comes at the end of two distinct competitive processes conducted in parallel which saw the involvement of over 50 national and international investors.
At the end of the competitive process, the best offer for the Large Portfolio was presented by J Invest Spa, an Italian investment company specializing in the purchase of unsecured NPLs, while Hoist Finance, one of the leading financial investors in NPLs, listed on the Nasdaq of Stockholm, was awarded the Mid Portfolio. The sales will be completed by 31 December 2017.
Upon completion of this transaction, the total of NPL sales carried out starting from 2016 under the de-risking program included in the 2016-19 strategic plan, which envisages the sale of 8 billion Npl by 2019, will exceed 4,5 billion, with results exceeding those envisaged in the plan in terms of amount and price. Banco Bpm made use of the assistance of Banca Akros and Ey.
