Intesa Sanpaolo, in recent days, has finalized the purchase of a portfolio of performing mortgage loans, for a nominal value of approximately 900 million euro from the Italian branch of Barclays Bank Ireland PLC. mortgages, mainly intended for the purchase of a first home, were disbursed to Italian customers and guaranteed by residential properties located in Italy.
In terms of liquidity, the portfolio has a high potential for self-financing through the ISP OBG srl covered bond issue program and a risk profile further contained by the envisaged purchase of protection against first losses through the involvement of investors specialized in the capital market as part of the GARC synthetic securitization program (Gestione Attiva Rischio di Credit).
“This operation – he says Stefano del Punta, Chief Financial Officer of Intesa Sanpaolo – which forms part of the credit strategies and dynamic management of the Group's credit portfolio envisaged by the Business Plan, represents an opportunity to expand the household customer base and consequently develop cross-selling and sustainable revenue growth, with an enrichment of the offer for over 12.500 Italian families”.
