AMCO purchases more than €250 million loans from ICCREA
AMCO PURCHASES MORE THAN €250 MILLION LOANS FROM ICCREA COOPERATIVE BANKING GROUP
33 Group banks involved in the transaction
Milan – Rome, 3 December 2021 – AMCO announces that it entered into disposal agreements with 33 banks of the Iccrea Cooperative Banking Group, under which AMCO purchased non-performing exposures – largely UTPs (Unlikely To Pay) – of the Iccrea Group.
The overall portfolio purchased by AMCO has a gross book value of €264 million and includes €222 million in loans arising from corporate counterparties, almost entirely secured, originated by the Parent Iccrea Banca, Banca Sviluppo and 30 other Cooperative Credit Banks (BCC) of the Group. The remaining €42 million consist of corporate leasing contracts – mostly related to real estate – originated by Iccrea BancaImpresa.
This transaction confirms AMCO’s intention to strengthen its presence in this segment, in line with the market demands.
The initiative sees AMCO for the first time engaged in a transaction that simultaneously involves such a large number of counterparties, evidence of the sustainable growth path that the company has undertaken in a highly competitive market. On the one hand, the transaction demonstrates the close collaboration between AMCO and the Italian banks in in creating NPE portfolios de-risking paths with the objective of establishing long-term relationships; on the other hand, it allows the Iccrea Group to close a major deal, in line with the Group’s asset quality improvement plans (and following the recent completion of the securitization of non-performing loans backed by “GACS”, for 1.3 billion euro), that will enable it to achieve its 2021 financial targets.
Iccrea Banca, as the Parent Company of the Iccrea Banking Cooperative Group, has assisted the involved banks in the selection, valuation and negotiation of the prices of their respective portfolios and in the migration of the disposed files.
AMCO was assisted by the BonelliErede law firm and Axis SpA as financial advisor, while the ICCREA Group was assisted by the Chiomenti law firm.
