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Mediobanca's MBCredit Solutions buys 2.6 billion euro NPL portfolio from Intesa Sanpaolo

Reuters
·1-min read

MILAN (Reuters) - Italy's MBCredit Solutions, a unit of merchant bank Mediobanca, said on Wednesday it reached an agreement with Intesa Sanpaolo to acquire a bad loan portfolio worth around 2.6 billion euros ($2.22 billion).

The deal, the biggest acquisition ever made by MBCredit Solutions in terms of stock, takes its managed assets to almost 11 billion euros.

The portfolio consists of unsecured loans originated from retail customers, small and medium enterprises (SMEs) and corporate clients for a total of 42,000 counterparties, the statement added.

($1 = 1.1714 euros)

(Reporting by Cristina Carlevaro, editing by Giulia Segreti)