Intesa, Prelios Reach Binding Agreement on UTP Loans Partnership
July 31 2019 - 8:44AM
Dow Jones News
By Pietro Lombardi
Intesa Sanpaolo SpA (ISP.MI) and Prelios SpA (PLLRF) have
reached a binding agreement to form a strategic partnership on
unlikely-to-pay loans, Intesa said Wednesday.
The agreement includes a 10-year contract under which Prelios
will service Intesa's loans, starting with a portfolio whose gross
book value is 6.7 billion euros.
The parties also agreed on the disposal and securitization of a
portfolio of Intesa's unlikely-to-pay loans with a gross book value
of about EUR3 billion at a price of roughly EUR2 billion.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
July 31, 2019 08:29 ET (12:29 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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