According Milano Finanza, some 18 Bn Unlikely To Pay exposures are going to be offloaded from banks’ balance sheets or assigned to outsourcers for credit management.
Monte dei Paschi di Siena, is said to be ready to sell 8Bn of UTPs to SGA, the bad bank owned by Italian Ministry of Economy and Finance. The deal is expected to be settled with a transfer price close to Net Book Value and is a relevant step in the broad restructuring process of what many say to be the World’s Oldest Bank. A successful turnaround process is essential for the sale of Italian Government share in the bank.
After a 2 months due diligence performed by Prelios on a 10 Bn UTP portfolio,
Intesa Sanpaolo is said to be negotiating an agreement for the sale of 4Bn pool with a transfer price of 50-55% and outsourcing assignment for the remaining 6 Bn.
I am going to talk about new model of Credit Management to deal with UTP exposures in my next seminar.
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Are you interested in Italian banks and NPL/UTP market? Ask for a briefing (in person or via conference call) by sending me a private message. I am also available for consulting projects on Distressed Assets pricing and Portfolio Management.
GLG – Gerson Lehrman Group – Council Member