Iccrea bank could sell all or part of its non performing exposures management platform and establish a partnership with a specialized operator, similar to what has recently been done by Intesa Sanpaolo with Intrum (see here a previous post by BeBeez) and by Banco Bpm with Credito Fondiario (see here a previous post by BeBeez), MF Milano Finanza writes today, stating that Iccrea has mandated BlackRock and Kpmg as its financial advisors for the deal and that a decision will be made by next April. All this is to be read in the context of the derisking path that is at the center of the business plan agreed by Iccrea with the ECB in view of the birth of the new banking group.
In October 2018, there were 142 cooperative credit banks (banche di credito cooperative or BCC) that had expressed their pre-accession to the project of a new banking group. At December 31, 2017, the group had more than 4 million customers, 2,600 branches present in 1,738 Italian municipalities, assets of around 150 billion and shareholders’ equity of 11.5 billion.
Again with a view to derisking, last December Iccrea Banca had concluded for a large group of BCCs the securitization of a portfolio of NPLs for 2 billion euros GBV (see here a previous post by BeBeez). This was the second securitization of the year, after the one of last July of one billion euro NPLs (see here a previous post by BeBeez). Both deals were multi-originator and multi-tranche transactions for which the Italian public guarantee (GACS) was requested.
Now Iccrea is said to be already studying a new securitization with GACS, whose amount would not yet be defined. Provided that the public guarantee scheme is confirmed by the current government.
The GACS, in fact, as known, expires on 6 March and the Italian Ministry of the Treasury has been working since last autumn to study how to introduce a new regulation on GACS, when in the text of the so called Update of the 2018 Economic and Financial Document published at the end of September, signed by the President of the Council, Giuseppe Conte, and the Minister of Economy and Finance, Giovanni Tria, it was said that the government was “verifying the technical feasibility of extending the securitization of receivables classified as unlikely to pay. Interlocution with the European Commission will start in the last quarter of 2018, in order to agree on the characteristics of the mechanism, to avoid qualification as a state aid measure “ (see here a previous post by BeBeez). On Italian securitizations secured by GACS see here a previous post by BeBeez, for reader of BeBeez Premium, see here how to subscribe for 20 euros per month).
