Il BCC Iccrea Group has subscribed binding agreements with different investors for the sale of non-performing loans for a total of approximately 570 million euros, substantially equally distributed between probable defaults and non-performing loans, relating to approximately 4 thousand debtors. 76 Banks belonging to the BCC Iccrea Group participated in the operation, including 73 BCCs, BCC Banca Iccrea, BCC Leasing and Banca Sviluppo.
The competitive process (in line with the strategic objectives of the Group aimed at favoring derisking while maintaining robust capital safeguards) has led to the definition of an operation almost entirely without recourse, selecting for the different portfolios investors of primary importance operating on the Italian market who submitted offers in line with the Group’s recovery expectations. In particular, a master agreement was signed with a leading investor for the sale without recourse of a portfolio of probable defaults and non-performing loans for around 116 million euro, represented by real estate and non-originated leasing transactions
da BCC Leasing SpA.
In addition, the BCC Iccrea Group accepted the binding offers presented on individual sub-portfolios by various investors who participated in the competitive process, in order to proceed with the assignment of ordinary loans impaired for another 454 million euro, mainly attributable to small and medium-sized enterprises (mainly medium- and long-term installment loans, largely backed by real guarantees) and to households (largely residential mortgages).
The transfer of credits
The initiative was coordinated by the parent company BCC Banca Iccrea which supported the participating banks in identifying the perimeter of the receivables being transferred, managed the competitive process – which saw the involvement of the main domestic and foreign investors operating on the Italian non-performing loan market – and defined the overall structure of the transaction. The definitive conclusion of the operations, with consequent cancellation of the receivables from the assets, is expected between the end of September and the end of November 2023.
The operation is expected to have a positive impact of around 50 bps at gross NPE ratio level and with no negative effects on the income statement, confirming the adequate and prudent provisioning policy adopted by the Group. “The operation has just concluded – he commented Mauro Pastore, general manager BCC Iccrea Group – represents a further strategic step in our derisking process started since the establishment of our Group e anticipates the pro-tempore objectives defined in the 2023-2025 Strategic Plan, bringing the risk of credit assets to levels in line with the averages of the significant Italian banks, also considering the prudent coverage thresholds”. (Ticker)