Monte dei Paschi di Siena Bank has reached a binding agreement with Cerved e Question for the sale of your own non-performing loan platform. The consideration for the sale is equal to 52,5 million euro, a sum to which an earn-out of a maximum of Euro 33,8 million could be added, based on the achievement of economic results achieved in the period up to 2025.
In detail, "the transaction provides for the transfer to an ad hoc company set up by Cerved and Quaestio of the MPS non-performing loan recovery platform - reads a joint note from the three companies - and the signing of a multi-year servicing contract for the outsourcing management of future non-performing flows of all the Italian banks of the MPS group. The servicing agreement does not include loans classified as non-performing as at 31 December 2016 and covered by the disposal plan for a total of Euro 28,6 billion".
The operation is envisaged in the recently approved restructuring plan of Montepaschi and is aimed at improving credit recovery performance.
The closing, expected within the first quarter of 2018, is subject not only to the approval of the supervisory authority but also to the completion of the precautionary recapitalization procedure envisaged by the restructuring plan and the securitization of the non-performing loans of MPS, with the subscription of the mezzanine notes by funds managed by Quaestio.
