MPS sells non-performing loans to Illimity Bank for about EUR 700 million
The Bank completes two deals and continues with the derisking path envisaged by the Restructuring Plan
Banca Monte dei Paschi di Siena S.p.A. has signed two agreements with Illimity Bank S.p.A. for the sale of almost EUR 700 million non-performing exposures.
The first transaction concerns the sale without recourse of non-performing loans ("NPLs") owned by Banca MPS and MPS Capital Services. The portfolio being sold has a value of over EUR 240 million and includes both secured and unsecured loans, originally backed by an ISMEA guarantee.
The second transaction concerns the sale of unlikely-to-pay exposures owned by Banca MPS and MPS Capital Services. The portfolio being sold has a value of approximately EUR 450 million and mainly includes unsecured loans to corporate customers.
The successful completion of these transactions represents a further step forward in the derisking process envisaged by the 2017-2021 Restructuring Plan and in complying with the commitments undertaken with the European Commission.
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