Goldman Sachs has acquired a 1,6 billion euro portfolio of loans, contracts and leased assets from ING Bank. In the operation, the American giant was supported by Banca Finint and Finint BPO.
In addition to the transfer of receivables to a vehicle, the "demerger governed by Dutch law of the contracts and assets underlying a so-called LeaseCo (controlled by Securitization Services, a company of the Banca Finint Group) is also envisaged", reads a note. “The securities issued by the vehicle to finance the purchase price of the portfolio were subscribed by an investment vehicle referable to Goldman Sachs and by Banca Finint as co-investor”.
The transaction "involved FISG (Banca Finint Group) in the role of advisor - continues the note - Securitization Services (Banca Finint Group) in the roles of Master Servicer, Corporate Servicer and Calculation Agent and in making the vehicle and the LeaseCo available , Agenzia Italia (Finint BPO) in the role of Primary Servicer (subject delegated for the management of credits, contracts and assets) and Finint Revalue (Finint BPO) in the role of Special Servicer for the credit collection activity. Banca Finint and ING Bank NV acted as account bank and Citibank as principal paying agent”.
