(Alliance News) - The rescue plan for Banca Progetto, which was placed under administration due to irregularities in loans to businesses linked to the 'ndrangheta, is taking shape.
As reported by Il Messaggero on Wednesday, BP Holding was established in Milan on February 3: a vehicle equally owned by Intesa Sanpaolo, UniCredit, Banco BPM, BPER, and Monte dei Paschi to prevent the bank's default. With approval from the European Central Bank expected in March, the restructuring plan will be launched.
The operation involves transferring EUR2.5 billion in transferable NPEs to an alternative fund owned 50% by AMCO and 50% by the five banks, at a price equal to 70% of the gross value; non-transferable NPEs will remain on Banca Progetto's books with a FITD guarantee.
For performing loans, new securitizations guaranteed by FITD are planned, while a EUR750 million capital increase will be subscribed by the Fund. Subsequently, FITD will sell 90.1% of the bank to BP Holding for EUR40 million. The net cost of the intervention for the banking system is estimated at EUR1.2-1.3 billion out of approximately EUR6.5 billion gross.
The core of the operation is BP Holding, a "single-purpose" company with a capital of EUR2.5 million and an exclusive objective: to hold and manage the stake in Banca Progetto.
The articles of association exclude any banking or financial activity towards the public and limit powers over the bank's management, to prevent the holding from being classified as a financial intermediary.
The board of directors consists of five members, with Edoardo Lombella from Banco BPM serving as chairman. Stefano Martarelli, currently head of credit at Intesa Sanpaolo's Banca dei Territori, is expected to become general manager of Banca Progetto.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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