Intesa Sanpaolo would have started negotiations on the Npl dossier also with the Chinese of the Cefc China group. Il Sole 24 Ore writes it, quoting confidential sources. Still on the subject of problem loans, Creval would like to raise the stock of NPLs for sale by 100 million by June, bringing the total value to 2,2 billion. Of this figure, 1,6 billion would be non-performing loans covered by the Gacs (Securitization of non-performing loans, the state guarantee mechanism to facilitate the divestment of problem loans from banks) while 600 million would be purchased by Algebris and Bain.
But returning to Intesa, Cefc China is a conglomerate that operates in the energy (oil & gas) and financial services sectors that wants to extend its business in Europe and that would have expressed interest in the match that Intesa's CEO, Carlo Messina, started in recent months with the Swedish Intrum Justitia.
Intesa's plan provides for the sale of 10-12 billion gross Npl. Together with the Npl portfolio, the Italian banking group is also evaluating the sale of 51% of the Capital Light Bank servicing platform which would be spun off to be valued.
On Tuesday 6 February Intesa Sanpaolo will present the new industrial plan in Milan and it is not excluded that the management will also give updates on the progress of the Npl disposal. The group has already reduced the stock of gross non-performing loans by 11 billion, bringing the share to 53,6 billion with a ratio of 12,8% on loans. To date, however, the bank aims to reduce the target to 10,5% at the end of 2019.
On the other hand, the hypothesis of new acquisitions and mergers is out of the scenario: Thursday the president Gian Maria Gros-Pietro has such a market share "that it would be advisable not to proceed with further consolidation operations".
At 12:12 on the Stock Exchange, Understanding loses 1,96% e Creval i2,11%.
