Purchase of NPEs from Creval
PURCHASE OF NPEs FROM CREDITO VALTELLINESE S.P.A
- PURCHASE OF ABOUT €270 MILLION GROSS NPEs
- AMCO’S BUSINESS CONTINUES TO GROW
Milan, August 6, 2020. Yesterday AMCO signed an agreement with Creval S.p.A. for the without recourse (pro soluto) purchase – pursuant to Article 58 of Legislative Decree No. 385 of September 1, 1993 – of a portfolio of non-performing exposures (NPEs) of Creval.
The portfolio has a gross book value of approximately €270 million, mostly related to corporate counterparties, and is composed of approximately 60% of non-performing loans (NPLs) and of approximately 40% of unlikely to pay (UTP).
The transaction is the result of a competitive bid and confirms once again AMCO’s objective to pursue sustainable growth leveraging economies of scale, within a highly competitive market.
AMCO signed another agreement with Creval on March 12, 2020 for the purchase of approximately €177 million secured non-performing loans (NPLs). AMCO has been advised by Gianni Origoni, Grippo, Cappelli & Partners acting as legal consultant.
