Atlante II fund managed by Italy’ Quaestio Capital Management sgr signed an agreement to buy a 2.2 billion euros portfolio of non performing exposures from Nuova Banche Marche, Nuova Banca dell’Etruria e Nuova Cassa di Risparmio di Chieti, three of the four italian banks that together with Nuova Cassa di Risparmio di Ferrara were split in November 2015 from bad banks after a rescue by the Italian Government (see here a previous post by BeBeez).
Investment by Atlante II will be a maximum of 515 million euros, net of 200 million euros of financing at least (see here the press release).
The three good banks are to be bought by UBI Banca in a deal that value them just one euro each (see here the press release). While Nuova Cr Ferrara is said to be in advanced talks with Bper about a similar agreement.
The deal is quite innovative as the portfolio includes unlikely to pay loans and leasing contracts. More in detail,Atlante II will subscrive a mezzanine tranche and part of a junior tranche issued by a securitization veichle which is to buy the Npe from the three good banks which have been emerging after the original banks had transferred their bad loans to a special veichle called Rev in November 2015.
Quaestio, who was supported by Credito Fondiario as for the portfolio due diligence, will coordinates the whole deal.