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Italy's Banca Ifis acquires €1.16B bad loan book from Monte dei Paschi

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Italy's Banca Ifis acquires €1.16B bad loan book from Monte dei Paschi

Banca Ifis SpA, through Ifis NPL, acquired a portfolio of nonperforming loans with a gross book value of €1.16 billion from Banca Monte dei Paschi di Siena SpA.

The NPL book comprises more than 83,000 debtors, 16% of which are consumer loans with a gross book value of €192 million, while 84% are unsecured small-ticket banking loans with a gross book value of €967 million.

The bank said the gross book value of the NPLs it purchased in 2018 totals €3.6 billion.