Purchase of bad loans from Banca Popolare di Bari
Purchase of bad loans from Banca Popolare di Bari in extraordinary administration
- PURCHASE OF €2.0 BILLION GROSS NPEs
- AMCO’S BUSINESS CONTINUES TO GROW
Milan, June 29, 2020 – Today AMCO signed a purchase agreement with Banca Popolare di Bari S.c.p.A. in Extraordinary Administration (“BPB”) for the without recourse (pro soluto) purchase of a portfolio of non-performing exposures (NPEs) of BPB – pursuant to Article 58 of Legislative Decree No. 385 of September 1, 1993.
The portfolio has a gross book value of approximately €2.0 billion; it is composed by approximately 60% of unlikely to pay (UTP) loans, while the remainder are non-performing loans (NPL). The total price of the transaction is approximately €500 million.
The effectiveness of the purchase agreement is subject to the completion of the capital increase of BPB approved at today’s Shareholders’ Meeting.
AMCO is a full-service credit management company; its management strategy for UTPs is aimed at fostering business continuity and corporates’ industrial relaunch.
AMCO has been advised by Gianni Origoni, Grippo, Cappelli & Partners acting as legal consultant and by PwC as financial advisor.
