The portfolio holds a mixture of commercial loans and is estimated to have a gross book value of E1 billion, secured by Italian real estate assets.
The decision to sell the loan portfolio came in light of Antonveneta’s choice to concentrate on aligning its credit risk management with that of ABN Amro and is part of the 2006 synergies.
An exclusive mandate has been signed with GE and Pirelli for an additional portion of non-performing loans (NPL), of which approximately E3 billion refers to NPLs and approximately E2 billion refers to a securitized NPL portfolio. This deal is scheduled to close during 2007.
