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Banco BPM off-loads bad debt to Hoist Finance vehicle

Banco BPM SpA finalized the sale of €641 million worth of bad loans to a vehicle controlled by Sweden's Hoist Finance AB (publ).

The portfolio sold to Marte SPV comprises about 1,800 positions, and the transaction will have no negative effect on Banco BPM's income statement. The bank, which was created after the finalization of the merger of Banco Popolare Società Cooperativa and Banca Popolare di Milano SpA, noted that it aims to sell €8 billion worth of bad loans under its business plan. The sale takes Banco BPM's total loan disposals since the start of 2016 to about €1.7 billion.

The sale is the fourth between Hoist Finance and Banco BPM, the former said, adding that the latest portfolio purchased is similar to the small and medium-sized enterprise portfolio it acquired in October 2016.

"The Italian banking sector is undergoing structural change where sales of nonperforming loans are becoming an integral part of the financial ecosystem," said Hoist Finance Italy's head of sales, Emanuele Reale. "We foresee substantial growth in the Italian market over the coming years and we will continue to build our position as a leading and trusted debt restructuring partner to Italian banks."

KPMG Corporate Finance served as financial adviser to Banco BPM on the sale, with Studi BonelliErede as legal adviser. PwC Advisory SpA acted as financial adviser to Marte SPV, with Studio Legale RCC as legal adviser.