Italian Banks Update 2018-07

Spaxs presented the strategic plan for 2018 – 2023 of the new bank that will specialise in underserved segments of the Italian SME market and offer highly digitalised services to retail and corporate customers by means of an innovative business model.

The new bank will be created from the Business Combination with Banca Interprovinciale S.p.A. – the approval process with the relevant Supervisory Authorities is underway – and will be subject to the approval of the Shareholders’ Meeting of SPAXS on 8 August on first call and on 31 August on second call.

Banca Carige received  from ECB a negative feedback on its capital-conservation proposal. The regulator asked for a new plan to boost its capital, saying it should consider a merger as an option and swiftly resolve its corporate-governance crisis.Hit by boardroom turmoil, Carige is struggling to regain investor confidence even as Italy’s banking crisis subsides. The ECB also demanded that the bank swiftly find a replacement for Chairman Giuseppe Tesauro, who resigned last month because of differences over the management of the bank.

Iccrea Banca closed a 1Bn NPL securitization (here press release). It is the first European rated multi-originator deal of this kind with 23 originators and it will a GACs on the senior tranch worth 282m rated Baa3 by Moodys  and BBB- by Scope. Other tranches are a Mezzanine worth 31,4 rated Caa2/B+ by the same rating agencies and an unrated junior worth 10,5m.

Banco BPM will evaluated at least six offers for the acquisition of its credit management platform in bundle with a NPL portfolio. Bidders for this deal include  PIMCO working with its captive servicer Phoenix Asset Management; Davidson Kempner in joint with  TPG and  CRC , with Prelios as special servicer and  Mediobanca and Roschild as advisor; Varde Partners with Guber Bank; Fortress with its listed captive servicer doBank   and City as advisor; Elliot Capital Management with Credito Fondiario Fospa as servicer, Goldman Sachs as advisor and  CBRE for real estate assessment; and finally   Cerberus advised by Lazard e Vitale (here news in Italian)

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GLG – Gerson Lehrman Group – Council Member

About Massimo Famularo

Investment Manager and Blogger Focus on Distressed Assets and Non Performing Loans Interested in Politics, Economics,
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