Milan, 27 June 2025. Banca Popolare di Sondrio S.p.A. today finalised the sale of a portfolio of impaired loans, including exposures classified as bad loans and UTPs, for a total gross book value of 197.6 million euro as of 30 June 2024. It should be noted that, as of 31 December 2024, the exposures in question have been reclassified as non-current assets held for sale and, therefore, the sale will have no impact on the Bank’s gross NPL ratio already disclosed as at 31 March 2025 (equal to 2.9%).
The transaction, in line with the NPE strategy of Banca Popolare di Sondrio, was structured through a newly established securitisation vehicle called Platinum SPV S.r.l., and provided for the issue of securities divided into senior, mezzanine and junior tranches. Clessidra Capital Credit SGR S.p.A. participated in the transaction through the Clessidra Credit Recovery Fund, as the main financial investor, while FBS S.p.A. intervened both as junior investor and as sub-servicer. The Bank reinvested in the transaction by underwriting the entire senior tranche and part of the mezzanine and junior notes.
Confirming the intention to consolidate the strategic partnership, the company NPLight S.p.A. was also set up to act as special servicer, whose majority is held by FBS and which is also owned by Banca Popolare di Sondrio and Clessidra.
KPMG Advisory S.p.A. acted as financial advisor to the bank in structuring the transaction.
Intesa Sanpaolo S.p.A., through its IMI Corporate & Investment Banking Division, acted as arranger and placement agent, while Banca Finint assumes the roles of master servicer, calculation agent, fronting bank, corporate servicer and representative of the noteholders of the vehicle.
In the context of the transaction, Banca Popolare di Sondrio S.p.A was assisted by the law firm Cappelli Riolo Calderaro Crisostomo Del Din & Partners, Clessidra Capital Credit SGR S.p.A. was advised by the law firm PedersoliGattai and FBS S.p.A. was assisted by LCA Studio Legale.
