BMPS got finally the green light for its restructuring plan from European Commission.
Key highlights:
- Disposal of €28.6bn gross bad loans (data as of 31 December 2016), of which €26.1bn by means of a securitisation transaction and €2.5bn, including unsecured small tickets and leasing, to be disposed of through a separate procedure
- Sale of the securitisation Junior and Mezzanine notes at a price equal to
21% of GBV to Atlante II and deconsolidation of the bad loan portfolio
expected by 1H 2018 - Strengthening of capital position and liquidity with 2021 target: CET1 at
14.7%, loan/deposit ratio <90% and Liquidity Coverage Ratio >150% - 2021 net income above €1.2bn, with a ROE equal to 10.7%
- The Restructuring Plan incorporates the requests included in the 2017
SREP decision, the results of the ECB inspection, recently carried out,
and the Commitments to DG Comp
The main economic data and some KPIs of the Restructuring Plan are summarised in the
following table:
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