Powered by

Monte dei Paschi to sell 690M in NPLs

Aug 02, 2019 - SNL European Financials Daily
Mergers and Acquisitions

Banca Monte dei Paschi di Siena SpA agreed to sell two tranches of nonperforming loans with an aggregate value of roughly 690 million to Illimity Bank SpA.

The first book is made up of secured and unsecured loans valued at over 240 million and was originally backed by an ISMEA guarantee. The second tranche comprises mainly unlikely-to-pay unsecured loans to corporate customers valued at about 450 million.

MPS noted that the transactions forms part of its de-risking efforts under i...