The final details are still missing, but the news anticipated by the Financial Times is now official: Unicredit and Intesa Sanpaolo have signed a memorandum of understanding with the US funds Alvarez & Marsal (A&M) and KKR to "develop and implement together an innovative solution aimed at optimizing performance and maximizing the value of a selected portfolio of loans being restructured through the active management of assets and the contribution of new financial resources”.
In a nutshell, paraphrasing the text of the Unicredit press release, to lay the foundations for a bad bank managed with US institutions. “The formation and operation of the partnership are still the subject of discussion and verification between the parties. Further details will be disclosed as the operation progresses”, concludes the Unicredit press release, whose stock at the opening of the session in Piazza Affari (after a 4-day break for the Easter holidays) is cautious: around 9,30 it loses 0,15, XNUMX% to 6,485 euros. Intesa Sanpaolo is also traveling on parity, earning 0,16% a at the same time 2,432 euro.
