Closing of portfolio purchase from BBPM
CLOSING OF UTP PORTFOLIO PURCHASE FROM BANCO BPM
• Closing of the contract for the purchase of a portfolio of more than €600 million loans classified as Unlikely To Pay from Banco BPM
• The deal is the result of a competitive bidding process
Milan, 23 December 2020. AMCO announces the closing of a contract for the without recourse (pro soluto) block purchase – pursuant to Article 58 of Legislative Decree No. 385 of September 1, 1993 – of a portfolio of non-performing exposures from Banco BPM, as previously announced on 5 November 2020.
The transaction, legally effective from 12 December 2020 and economically effective from 1 April 2020, was conducted as a competitive bidding process; as a result of this, two portfolios were sold, one of which awarded to AMCO.
The portfolio has a gross book value of more than €600 million, mostly related to corporate counterparties classified as Unlikely to Pay (UTP).
