SIGNED AGREEMENT TO SALE NON-PERFORMING LOANS FOR MORE THAN EUR 900 MILLION
FURTHER STEP IN THE IMPLEMENTATION OF THE 2022-2026 BUSINESS PLAN, WITH THE REDUCTION OF ABOUT 25% OF THE STOCK OF NON-PERFORMING LOANS
GROSS NPE RATIO POST-TRANSACTION AT 3.9% (- 100 PB)
Siena, 5 August 2022 – Banca Monte dei Paschi di Siena S.p.A. informs that has sold without recourse a “Non Performing” loans portfolio divided into three clusters (secured bad loans, unsecured bad loans, unlikely to pay) for a total Gross Book Value of 917.5 million euro.
Upon completion of the competitive process, which saw the participation of the most important and active players on the market, the sale contracts were signed with the following counterparties:
- Illimity Bank S.p.A.: for the portfolio of UTPs totalling EUR 343.6 million
- Intrum Holding S.r.l. (through the securitisation vehicle Alicudi SPV S.r.l): for the unsecured bad loans portfolio totalling EUR 365.9 million
- Asset Management Company S.p.A. (AMCO): for the secured bad loans portfolio totalling EUR 208 million
The impact of the transaction is already included in the results as at 30 June 2022.
The de-recognition of the portfolio will take place in the fourth quarter of 2022 and will allow MPS Group to reach a first important target of the 2022-2026 Business Plan, reaching a post-sale gross NPE Ratio at 3.9%and a net NPE Ratio at 2.2%.
In the transaction BonelliErede acted as legal advisor to MPS Group and EY Advisory S.p.A. as financial advisor.