PURCHASE OF BAD LOANS FROM BANCA POPOLARE DI BARI IN EXTRAORDINARY ADMINISTRATION
- PURCHASE OF €2.0 BILLION GROSS NPEs
- AMCO’S BUSINESS CONTINUES TO GROW
Milan, June 29, 2020 – Today AMCO signed a purchase agreement with Banca Popolare di Bari S.c.p.A. in Extraordinary Administration (“BPB”) for the without recourse (pro soluto) purchase of a portfolio of non-performing exposures (NPEs) of BPB – pursuant to Article 58 of Legislative Decree No. 385 of September 1, 1993.
The portfolio has a gross book value of approximately €2.0 billion; it is composed by approximately 60% of unlikely to pay (UTP) loans, while the remainder are non-performing loans (NPL). The total price of the transaction is approximately €500 million.
The effectiveness of the purchase agreement is subject to the completion of the capital increase of BPB approved at today’s Shareholders’ Meeting.
AMCO, is a full-service credit management company; its management strategy for UTPs is aimed at fostering business continuity and corporates’ industrial relaunch.
AMCO – Asset Management Company S.p.A.
AMCO – Asset Management Company S.p.A. AMCO is a full-service credit management company, fully owned by the Ministry of Economy and Finance. AMCO, a fast-growing company, is one of the main players in the management of NPE assets in Italy, with about €24 billion pro-forma assets under management (at the end of 2019) related to over 120,000 counterparties, including €10 billion of Unlikely to Pay and Past Due related to 30,000 Italian companies.
AMCO oversees the entire process of non-performing loans management, with a model of fully integrated servicing, also with the involvement of qualified third-party partners.
AMCO is a partner for all its stakeholders, with an approach aimed at corporates’ sustainability, also directly granting new lending to promote corporates’ business continuity and their industrial relaunch.
AMCO’s mission is to achieve high performance levels in NPEs management and pursue sustainable growth leveraging economies of scale. This aim is pursued through a management strategy diversified between NPLs and UTPs, a sound organizational structure and specialized professionals, a constant and accurate monitoring of asset management activities. The company has over 233 employees, located in 3 offices in Italy: Milan, Naples and Vicenza. These is also an office in Romania.