Italian rescue fund Atlante II will purchase €2.2 billion of nonperforming loans from Nuova Banca delle Marche SpA, Nuova Banca dell'Etruria e del Lazio SpA and Nuova Cassa di Risparmio di Chieti SpA, Quaestio Capital Management said Jan. 27.
Quaestio Capital signed a memorandum of understanding on behalf of Atlante II, under which the fund will buy a mezzanine tranche and part of a junior tranche of securitized NPLs of these banks.
Atlante II will invest up to €515 million plus a minimum of €200 million of financing. The tranches will comprise impaired loans and lease contracts and will use new instruments to securitize these loans, the fund manager added.
The NPLs will be securitized by Credito Fondiario. The deal is expected to enable the sale of the new banks of Banca delle Marche SpA, Banca Popolare dell'Etruria e del Lazio SC and Cassa di Risparmio della Provincia di Chieti SpA.
Earlier in January, Unione di Banche Italiane SpA signed a contract to acquire the of share capital of Nuova Banca delle Marche SpA, Nuova Banca dell'Etruria e del Lazio SpA and Nuova Cassa di Risparmio di Chieti SpA.