Banca Popolare dell'Emilia Romagna has finalized the sale without recourse of a portfolio of non-performing loans to two distinct specialized investors in the sector, Algebris npl Fund and Cerberus European Investments. The operation, anticipated by Il Sole 24 Ore in recent days, provides for the sale of a portfolio of non-performing loans consisting of approximately 15 thousand positions for a total gross book value of approximately 450 million.
Non-performing loans assigned are mainly assisted by real guarantees (87%) and related to 'corporate' counterparties; the 'unsecured' portion, i.e. not backed by collateral, included in the scope of the transfer is approximately 58 million (13% of the total portfolio transferred) and is made up of approximately 14.500 positions. The impact of the transaction on the consolidated income statement is not significant. With this operation, Bper intends to pursue the priority objective of reducing the gross stock of bad loans; in the second part of the year, in fact, a second important sale operation of a portfolio of non-performing loans, mainly 'unsecured', is expected.
These operations should be seen as part of the bad debt management strategy which has the objective of reducing the stock as well as improving recovery performance.
After the announcement, the stock is up +4,65% to 3,376 euros.
