SIENA, 10-6-2014 — /EuropaWire/ — Banca Monte dei Paschi di Siena S.p.A. (“BMPS”) signed yesterday a binding agreement for the disposal pro soluto of a non performing loans portfolio to a securitization vehicle financed by affiliates of Fortress Investment Group LLC.
The portfolio is composed of almost 12k borrowers with a total book value, gross of provisions, of approx. €500mn. The portfolio consists of secured and unsecured medium / long term loans. Impact of the disposal on BMPS’ profit and loss and balance sheet is negligible, while administrative and management benefits would be huge in light of numerosity of the portfolio being sold.
The transaction must be seen in the context of a more proactive management of its NPLs, that BMPS has initiated and intends to pursue in the future.
Closing of the transaction is expected before 30 June 2014.
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