(Alliance News) - BPER Banca Spa and the Gardant Group announced Monday that they have finalized a deal aimed at establishing a strategic partnership for the management of impaired loans owned by BPER and Banco di Sardegna Spa.

The partnership between the BPER Group and the Gardant Group is realized through the creation of a servicing platform 70 percent owned by Gardant Bridge Spa, a company of the Gardant Group, and 30 percent owned by BPER, and the signing of two servicing agreements related to the management and recovery of loans classified to both probable default and non-performing loans owned by BPER and BdS.

The value of the transaction will generate a total capital gain of approximately EUR150 million, before taxes, and will be booked in the first quarter of 2024.

BPER Banca's stock closed Monday down 0.3 percent at EUR3.18 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.