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Banco BPM to sell €1.8B in 2 bad loan portfolios

Banco BPM SpA's board approved the sale without recourse of two unsecured bad-loan portfolios with a gross value of approximately €1.8 billion.

J Invest SpA, an Italian investment company specializing in the purchase of unsecured nonperforming loans, will acquire the portfolio dubbed Large, which comprises about 370 borrowers under insolvency procedure with a gross book value of above €1 million. Sweden-based NPL investor Hoist Finance AB (publ) will take up the other portfolio, dubbed Mid, which comprises some 16,400 borrowers with a gross book value of below €1 million.

The sales will be finalized by Dec. 31 and will be the biggest non-recourse disposal of unsecured loans on the Italian market to date, Banco BPM said. Upon completion, the bank's total bad loan disposals executed since 2016 under its de-risking program will have passed €4.5 billion, more than half the €8 billion of NPL disposals targeted by 2019.

Banca Akros and EY SpA served as financial advisers to Banco BPM, while Studio Orrick served as legal adviser.