Carige’s disposal of an additional non-performing leasing portfolio
CLOSING OF BANCA CARIGE’S DISPOSAL OF AN ADDITIONAL NON-PERFORMING LEASE PORTFOLIO TO AMCO
Genoa, 20 December 2021 – Banca Carige and AMCO announce the closing of the transfer of a portfolio of non-performing assets arising from lease agreements.
Legally effective from 17 December 2021 and economically effective from 01 July 2021, the transaction sees the disposal of a portfolio of bad loans and UTPs with a GBV of approximately EUR 17.7 mln, arising primarily from lease agreements without underlying assets or with underlying real estate or instrumental assets.
AMCO had already closed a disposal transaction with Banca Carige on 20 March 2021 for the purchase of approximately EUR 70 bn worth of bad loans and UTPs. This transaction is AMCO’s third purchase of lease assets in 2021. In managing the lease portfolio, AMCO will leverage the expertise and professionalism of its Real Estate Division, which coordinates activities with the aim of enhancing the assets underlying the lease agreements.
For Banca Carige, the disposal is a further development in the derisking process with respect to what has already been achieved in previous years and contributes to the improvement in asset quality, as reflected in its risk indicators that are already among the highest in the industry: gross NPE ratio of 5.0% and net NPE ratio of 2.6% (as at 30 September 2021).
Banca Carige has been assisted in the deal by the lawyer Daniela Sorgato from law firm CBA as legal advisor.