illimity Bank has announced that it has signed an agreement for the purchase of a portfolio of distressed loans classified as Unlikely-To-Pay (Utp) from Banca Monte dei Paschi di Siena and MPS Capital Services Banca per i Imprese. The portfolio, made up of mainly secured positions (60%) and a large corporate majority (90%), has a gross nominal value (“Gross Book Value” or “GBV”) of over 340 million euros. With this operation, according to the press release, whose execution is subject to the successful conclusion of the authorization process with the Supervisory Authority, the illimity Group’s strong focus on the UTP Corporate segment is confirmed, an area in which it operates as the second private operator in terms of masses. under management, equal, for the UTP part only, to a total of approximately 4 billion euros of GBV.
illimity aims to grow further in this area thanks to a robust pipeline and through the synergies deriving from the acquisition of AREC – a company specialized in the management of UTP credits with a focus on the Corporate Real Estate segment – completed on 30 June.