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Six investors, including American funds Apollo Global Management and KKR, are interested in the platform that will manage non-performing loans of approximately 9 billion Euros of the portfolio of "Banca Monte dei Paschi di Siena" SpA, sources quoted by Reuters claim.
They also state that "Monte dei Paschi" has informed the potential bidders that the deal concerning the platform will go ahead, even though with slightly different terms than initially.
The oldest bank in Italy is selling its 27.7 billion Euros non-performing loan portfolio as part of a complex scheme for the securitization of loan, as part of its complex rescue plan.
"Monte dei Paschi" is working together with Italian investment bank "Mediobanca" on creating a platform that would manage the NPL portfolio and to bring in a partner that would improve the debt collection activity.
"Monte dei Paschi" has announced on Friday that the platform would manage 9 billion Euros in NPLs, meaning one third of the loans sold as part of the aforementioned scheme.
According to sources, the bidders for the "Monte dei Paschi" platform are Cerved Credit Management, KKR in tandem with Varde Partners, Apollo Global Management, Cerberus, Prelios - together with Christofferson Robb & Company - and Lone Star.
The "Monte dei Paschi" officials and those of the other parties mentioned made no statements about the report by Reuters.
• Matteo Renzi: "I wanted to avoid the bail-in"
Italian prime-minister Matteo Renzi yesterday said that he wanted to avoid the "bail-in" procedure (using the creditors or the depositors' money to restructure banks) in the case of "Banca Monte dei Paschi di Siena", expressing his satisfaction with the rescue plan announced by the bank, which involves the sale of NPLs and a 5 billion Euros capital increase.
"Italy is struggling to avoid the bail-in because even a «light» bail-in could represent a disaster for credibility and trust", said Renzi, quoted by CNBC.
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