July 7, 2020 / 4:44 PM / a month ago

BRIEF-BPER Completes Sale Of 95% Of Mezzanine And Junior Securities

July 7 (Reuters) - Bper Banca SpA:

* COMPLETES SALE TO AN INSTITUTIONAL INVESTOR OF 95% OF MEZZANINE AND JUNIOR TRANCHES OF SECURITIES ISSUED UNDER SECURITIZATION OF “SPRING” BAD DEBTS

* AFTER PLACEMENT, BPER BANCA, BANCO DI SARDEGNA AND CASSA DI RISPARMIO DI BRA WILL DECONSOLIDATE “SPRING” BAD LOAN PORTFOLIO

* BAD LOAN PORTFOLIO HAD GROSS BOOK VALUE AT SEPT. 30, 2019 OF EUR 1.2 BILLION(COMPARED WITH GROSS AMOUNT DUE OF EUR 1.4 BILLION)

* COMPLETION OF SALE ENTAILS IMPROVEMENT IN GROSS NPE RATIO OF BPER GROUP, ESTIMATED AT 9.3% PRO-FORMA ON FIGURE FOR Q1 2020 Source text for Eikon: Further company coverage: (Gdansk newsroom)

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