Credito Valtellinese SpA signed an agreement for the sale of its "San Marco" portfolio of mostly nonperforming secured real estate loans to an unnamed institutional investor.
The portfolio consists of 350 loan agreements, with most classified as "unlikely to pay." The deal was agreed at 43% of the portfolio's gross book value of €105 million, the bank said Dec. 19.
Yard Credit & Asset Management advised Creval on the disposal. Bonelli Erede provided legal advice on the transaction.