June 18, 2020 / 4:36 PM / 16 days ago

BRIEF-BPER Completes Sale of "SPRING" Bad Loan Portfolio For EUR 1.2 Bln

June 18 (Reuters) - Bper Banca SpA:

* SALE OF PORTFOLIO OF BAD LOANS, CALLED “SPRING”, FOR A GROSS BOOK VALUE OF € 1.2 BILLION THROUGH A SECURITISATION FOR WHICH THE ITALIAN STATE GUARANTEE WILL BE REQUESTED ON THE SENIOR TRANCHE OF THE NOTES (“GACS”)

* GROSS STOCK OF BAD LOANS RETURNED TO PRE-CRISIS LEVELS, SO DOWN BY ABOUT 70% IN THE LAST FOUR YEARS

* PRO-FORMA GROSS NPE RATIO BASED ON MARCH 2020 FIGURES EXPECTED TO DROP SIGNIFICANTLY TO 9.3%

* “SPRING” IS GROUP’S THIRD SECURITISATION OF BAD LOANS BACKED BY GACS STATE GUARANTEE Source text for Eikon: Further company coverage: (Gdansk newsroom)

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