Milan, December 4, 2019 – After obtaining the required approvals from the competent authorities, Prelios and Intesa Sanpaolo have finalized a strategic partnership agreement on Unlikely To Pay exposures (UTPs), signed and announced on last July 31.
The agreement covers a contract for UTP servicing by Prelios that aims to maximize in bonis repayments for corporate creditors, and the sale and securitization of a UTP loan portfolio in the Intesa Sanpaolo Group's Corporate & SME segment.
"We take great pride in this UTP agreement where Intesa Sanpaolo has chosen Prelios as its partner," said Riccardo Serrini, CEO Prelios Group. "The partnership raises assets under Prelios management to over 40 billion euro and is an extremely important step forward in terms of quality and size for our Group. Above all, it enables Prelios to work in favour of the Italian real economy by helping to put the largest possible number of companies back on to a performing basis.
Prelios intends to operate with speed and determination, collaborating with all those involved in the UTP’s positions, starting with the credit institutions"