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BRIEF-Cerved to develop with Banca Popolare di Bari partnership to manage bank's NPLs
September 20, 2017 / 6:11 AM / 3 months ago

BRIEF-Cerved to develop with Banca Popolare di Bari partnership to manage bank's NPLs

Sept 20 (Reuters) - CERVED INFORMATION SOLUTIONS SPA :

* SAID ON TUESDAY ITS UNIT CERVED GROUP HAD SIGNED AN AGREEMENT WITH BANCA POPOLARE DI BARI

* TO DEVELOP WITH BANCA POPOLARE DI BARI A LONG-TERM INDUSTRIAL PARTNERSHIP TO MANAGE THE BANK‘S NON-PERFORMING LOANS AND UNLIKELY TO PAY EXPOSURES

* CLOSING OF THE TRANSACTION IS ENVISAGED IN Q4 2017

* TO BUY, FOR 18.0 MLN EUROS, 100 PCT OF A NEWLY INCORPORATED COMPANY WHICH WILL ENTER INTO A TEN YEAR AGREEMENT FOR THE MANAGEMENT OF NPLS WITH THE BANK

* COMPANY TO INITIALLY MANAGE 1.1 BLN EUROS OF NPLS, IN ADDITION TO 75% OF FUTURE FLOWS OF NPL AND 55% OF FUTURE FLOWS OF UNLIKELY TO PAY EXPOSURES FROM THE BANK

* UP TO EURO 3.0 MILLION IN THE FORM OF AN EARN-OUT WILL BE DUE UPON REACHING CERTAIN ECONOMIC RESULTS ACHIEVED BY 2021

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Further company coverage: (Gdynia Newsroom)

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