The reduction of non-performing loans for Banca Monte dei Paschi di Siena continues at full speed. "The Mps Group - discloses a press release from the Tuscan bank - continues its derisking process and concludes further 3 transactions for the sale of non-performing loans for a total amount of approximately 1,8 billion euros”. The MPS note also underlines that the agreements add up to the previous ones concluded during 2019 and bring the total non-performing exposures (Npe) sold by the group during the year to around 3,8 billion euros. The deals concluded concern, in particular: the sale without recourse of non-performing loans (Npl) for approximately 1,6 billion euro to illimity Bank.
This portfolio consists of Mostly unsecured NPLs owned by Banca Mps and Mps Capital Services; two transactions for a total of around 0,2 billion euro involving the sale without recourse of mainly secured unlikely to pay (UTP) loans to corporate customers owned by Banca MPS and MPS Capital Services. "With these agreements, which add up to the previous ones made during the year - Mps underlines - the pro-forma gross Npe ratio of the Mps Group stands at around 12,5%, reaching the target of 12,9% envisaged by the Restructuring Plan at the end of 2021 two years in advance”.
"The conclusion of these agreements, therefore, represents a further significant step forward in the derisking acceleration process envisaged by the 2017-2021 Restructuring Plan and in compliance with the commitments made with the European Commission“, concludes the note issued by Monte dei Paschi.
