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Monte dei Paschi to sell €690M in NPLs

Banca Monte dei Paschi di Siena SpA agreed to sell two tranches of nonperforming loans with an aggregate value of roughly €690 million to Illimity Bank SpA.

The first book is made up of secured and unsecured loans valued at over €240 million and was originally backed by an ISMEA guarantee. The second tranche comprises mainly unlikely-to-pay unsecured loans to corporate customers valued at about €450 million.

MPS noted that the transactions forms part of its de-risking efforts under its restructuring plan. They also fall within the agreements it made with the European Commission.