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Seven consortia vying for the largest bad debt package and the BancoBpm management platform. Major ongoing maneuvers, between large foreign and Italian investors, for the transaction that would set up the institute and that could come to life, with the choice of the way forward for the institute led by Giuseppe Castagna, in full exercise summer: the offers would be scheduled for July 10, and next week. At this point, the BancoBpm should take two to three weeks for a skim and then choose two finalists.
BancoBpm would have studied 3 possible options to clean up its balance of problematic credits: from the basic $ 3.5 billion case, necessary to reach the stated objective to the ECB, until a near total elimination, either 9.5 billion euros. There would also be an intermediate solution to 8 billion sales.
Moody's, Npl progress in Europe but still high levels in Greece, Cyprus and Italy
The goal would be to understand the price that can be obtained for the different packages then to better calibrate the entity's stock of non-performing loans.
BancoBpm's strategy follows what has been done in recent months by the major Italian banks: IntesaSanpaolo with Intrum Iustitia and Unicredit, the latter being able to take a radical clean-up decision that led to a capital increase of 13%. billion euros euros.
Seven of the consortia would be in the running for BancoBpm's NPL package: formed by the main operators, foreign and Italian, already active in the Italian problem loans market. On the record there would be a consortium consisting of Tpg, Davidson Kempner Capital Management and Prelios (badisted by Mediobanca), another with Fonspa and Elliott (framed by adviser Goldman), then DoBank-Fortress (with Citi), Varde with Servant Guber, but also the American colossus of alternative investments Cerberus (with Lazard and Vitale as consultants), until Pimco joins Phoenix Asset Management and a consortium between Crc and the provider Fire. The participation in this last Spacer consortium of the banker Corrado Pbadera is still uncertain. At the same time, the sale of the majority of the platform would also be evaluated. According to rumors, a mandate to evaluate offers and proposals would be entrusted by BancoBpm to the investment bank Deutsche Bank and Deloitte
After the July 10 offers, the objective of BancoBpm would be to select two consortiums At the beginning of August, they then negotiate a possible agreement at the end of a period of in-depth badysis of Npl's portfolio.
Iccrea, a billion Npl sold in June with the GACS
Banco BPM recently finalized the securitization of a NPL portfolio of 5.1 billion euros. The CEO, Giuseppe Castagna, said that by the summer, he will have a clearer idea of whether to sell the platform or not and exceed the planned divestment targets. The 3.5 billion, the first option in the Ace Project, represents a total of $ 8.5 billion that the bank has reduced to transfer value with the first application of IFRS9 accounting principles.
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