Start of the strategic partnership between the BPER Group and the Gardant Group for the management of non-performing loans of the BPER Banca Group and the sale of some portfolios of non-performing loans of the BPER Banca Group to AMCO and to companies controlled by Elliott funds, parent company of Gardant SpA
The strategic partnership will be achieved through the creation of a joint venture between the BPER Banca Group which will be dedicated to the management and recovery of loans classified as unlikely to pay (unlikely to pay or UTP loans) and non-performing loans loans or NPL credits).
The joint venture, whose total valuation is equal to 150 million euro, will be 70% owned by Gardant and 30% by BPER. The offer also includes the sale of up to a further 2.5 billion euro of non-performing loans of the BPER Banca Group which will allow the continuation of the derisking process of the BPER Banca Group.
No material economic impacts are expected from the complex of NPE disposal transactions; the same will lead to a reduction in the Gross NPE Ratio from 4.2% (Net NPE Ratio 1.7%) respectively to 3.2% (Net NPE Ratio 1.5%) post sale of the NPL portfolio, and 2.5 % (Net NPE Ratio 1.2%) post sale of UTP portfolios compared to pro-forma data as at 30 September 2022.