Hogan Lovells advises Banca Progetto on its restructuring process Test

Press releases | 04 May 2026

Global law firm Hogan Lovells has advised Banca Progetto, placed under extraordinary administration since March 2025, on its restructuring process leading to the closure of the special administration regime.

The transaction enabled the recapitalization of Banca Progetto through a €750 million capital increase fully subscribed by the Interbank Deposit Protection Fund (“FITD”), as well as the entry of BP Holding S.p.A. - a vehicle equally owned by Banca Monte dei Paschi di Siena, Banco BPM, BPER Banca, Intesa Sanpaolo, and UniCredit (“the banks”) - into the bank’s share capital. Following the transaction, Banca Progetto is now approximately 90% owned by BP Holding S.p.A., with the FITD holding a stake of less than 10%.

As part of the same process, the parties involved also implemented several direct and indirect derisking initiatives relating to part of Banca Progetto’s assets, supported by FITD guarantees. These measures included three securitization transactions aimed at disposing of both performing and non-performing assets.

Implemented through the FITD’s so called “preventive intervention” pursuant to Article 35 of its by-laws, the transaction also provides for the closure of Banca Progetto’s existing funding-related securitizations through the repurchase of the underlying receivables and the consequent redemption of the related notes; the pro-soluto sale of a significant €2.1 billion portfolio of non-performing loans to an Alternative Investment Fund (AIF) subscribed 50% by AMCO – Asset Management Company S.p.A. and 50% by the five banks; the sale of a portfolio of performing loans to the five banks and other institutional investors through securitizations involving significant risk transfer; and the transfer by the FITD to a special purpose vehicle – jointly owned by the five banks – of 90% +1 share of Banca Progetto’s capital following completion of the capital increase.

The Hogan Lovells team that advised on the transaction was led by managing partner Italy Patrizio Messina, together with counsel Andrea Cicia and Daniela Pietrini, senior associate Roberto Trionte and associate Giorgia Carrozzo for the contractual, regulatory and derisking aspects of the transaction. Partner Paola Barometro, senior associate Federico Urbani and associate Edoardo Pea advised on the corporate aspects. Partner Domenico Gullo and associate Giulia Zammataro advised on the antitrust aspects of the transaction.