Banco BPM approved the binding offer submitted by Elliott International, L.P. (“Elliott”) and Credito Fondiario S.p.A. (“CF”), one of the consortia selected as potential investors for the the last phase of the disposal process regarding a portfolio of bad loans (Project “ACE”).
The binding agreement reached includes the signing of a framework agreement for the disposalof a eur 7.8 billion bad loans portfolio and the establishment of a dedicated npl servicing partnership with a Credito Fondiario a specialized bank in NPL management.
Within this transaction the servicing platform of the Bank has been evaluated approximately Eur 143 million.
The final price of the portfolio will be determined on the basis of
- the final size of the portfolio,
- the access to the GACS scheme and
- the feedback which will be provided by the Rating Agencies in relation to the maximum amount of the senior notes which may benefit of an Investment Grade Rating;
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GLG – Gerson Lehrman Group – Council Member