Portfolio purchase from Carige
PURCHASE OF NPEs FROM BANCA CARIGE S.P.A.
- Purchase of €54 million gross NPEs
- AMCO continues its business growth through portfolio purchases
Milan, 17 December 2020. Yesterday AMCO signed an agreement with Banca Carige S.p.A. 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 (NPEs).
The portfolio has a gross book value of €54 million, mostly related to corporate counterparties (100% unsecured), entirely classified as of non-performing loans (NPLs).
The transaction, legally effective from 16 December 2020 and economically effective from 1 July 2020, confirms AMCO’s objective to pursue sustainable growth leveraging economies of scale, within a highly competitive market.
With this transaction Banca Carige continues to improve the quality of its assets, without any negative economic effect on its 2020 financials.
AMCO has already closed the purchase of approximately €2.8bn non-performing loans (NPLs) and unlikely to pay (UTP) from Banca Carige.
AMCO has been advised in the deal by Orrick acting as legal consultant, while Banca Carige has been assisted by the lawyer Daniela Sorgato from Studio CBA of Milan.
