Portfolio purchase from BBPM
GROWTH THROUGH PORTFOLIO PURCHASES GOES ON
· Banco BPM evaluated positively the offer to purchase a portfolio of Unlikely to Pay loans of more than €600 million
· The deal is the result of a competitive bidding process
Milan, 5 November 2020. Today AMCO issued a binding offer in favour of Banco BPM for the purchase – 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 of the bank.
The portfolio has a gross book value of more than €600 million, mostly related to corporate counterparties classified as Unlikely to Pay (UTP).
The transaction was conducted as a competitive bidding process; as a result of which two debt servicers – one of which is AMCO – will purchase two separate portfolios, both part of the bidding process.
AMCO confirms its objective to pursue sustainable growth leveraging economies of scale, within a highly competitive market.
The contract is expected to be finalised by year-end.
AMCO has been advised in the deal by Cappelli RCCD acting as legal consultant, by PricewaterhouseCoopers acting as financial advisor and by K2Real S.r.l e Duff & Phelps REAG S.p.A. for the update of real estate valuations.
