Atlante today submitted an offer for two thirds of the €3.7 billion of gross non-performing loans of Nuova Banca Etruria, Nuova Banca Marche and Nuova CariChieti, a move that facilitates the acquisition of the three banks by Ubi Banca.
This is reported by sources close to the banks.
According to another source, the three institutions could hold board meetings tomorrow to approve the sale of the gross non-performing loans to the Atlante fund.
Ubi, whose boards are meeting today on the matter, has made the purchase of three of the four banks rescued at the end of 2015 conditional on a series of requirements, including the deconsolidation of the NPLs, the ability to offset losses against future profits, the recognition of the badwill and the use of its own internal models for the risk-weighted assets (RWAs) of the three institutions. The Resolution Fund is also expected, ahead of the sale, to carry out a mini recapitalisation to restore the capital ratios of the institutions to be sold.
Once all the conditions have been met, Ubi could then proceed with a limited capital increase to maintain its capital levels after the acquisition.
It is not clear whether the sale of the three banks will be completed by the end of the year.
However, it appears that some legal issues remain to be resolved, so Ubi’s signature is expected after Epiphany.
http://it.reuters.com/article/businessNews/idITKBN14I1EF
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