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INTESA SANPAOLO FINALISES SALE OF SUBORDINATED NOTES RELATED TO STATE-GUARANTEED (GACS) SECURITISATION OF BAD LOANS OF THE PARENT COMPANY

Turin - Milan, 23 December 2020 – Intesa Sanpaolo has today finalised the sale to third-party investors, to the tune of 95%, of the subordinated notes related to the securitisation, disclosed on 18 December 2020, of a bad-loan portfolio of the Parent Company, which complies with the regulatory requirements for bearing a State guarantee (GACS), with the remaining 5% retained by Intesa Sanpaolo in compliance with current regulatory requirements. This enables full accounting and regulatory derecognition of the aforementioned portfolio, worth around €4.3 billion gross and around €1.2 billion net, as of today.

 

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