Banco Popolare completed the sale without recourse of a portfolio of unsecured non-performing loans. The transferred portfolio includes approximately 9 positions for a total nominal value of approximately 950 million euro, with no negative impact on the income statement.
The sale was completed en bloc pursuant to Law 130/1999 and entails for the Banco Popolare Group the real and definitive transfer of the credit risks associated with the items sold. The portfolio was purchased by Marte SPV, a vehicle owned by Hoist Finance, a financial institution among the most important pan-European operators in the NPL market, listed on the Stockholm NASDAQ.
The transaction, which adds to the one closed last June – again with Hoist Finance for a nominal value of approximately 210 million euro – was completed with the selling party assisted by PWC Advisory SpA as financial advisor and by Studio BonelliErede as legal advisor. The purchasing party was assisted by the RCC Law Firm.
