Banca Monte dei Paschi di Siena has signed binding agreements for the sale of non-performing loans (Npe, non-performing exposure) for a total of 3,5 billion euro. This was announced in a press release by the Tuscan bank, which explains that the sale concerns in detail a portfolio of a total of 2,2 billion euros of small amount unsecured non-performing loans and consumer credit whose buyers are Ifis, Credito Fondiario, Fire and Balbec Capital; a portfolio of 0,9 billion euro of non-performing leases sold to Bain Capital Credit and a portfolio of 0,4 billion euro of unlikely to pay. With this operation, the Bank achieved, in 2018, an overall reduction in unlikely to pay by approximately 1,9 billion euro and exceeded the annual target of 1,5 billion euro, the note also states.
The entire disposal programme, continues the note, will be "factored into the 2018 financial statements with a marginal impact on the income statement". The conclusion of these operations, in addition to the sale of non-performing loans for approximately 24 billion euro finalized last June, represents "an important step forward in the derisking process envisaged by the 2017-2021 Restructuring Plan and in compliance with the commitments made with the European Commission". Following these transactions, the proforma Gross NPE ratio, i.e. the ratio between non-performing loans and total loans disbursed, as at 30/09/2018 is approximately 16%, concludes the note.
