Bank Ifis and Mediobanca group they announced a partnerships long term for the management of non-performing loans. According to the agreement, Banca Ifis will acquire Revalea SpA., a company founded in 2022 as a result of the spin-off of non-performing loans (NPLs) deriving from the acquisition of non-performing portfolios which is no longer one of the Mediobanca Group's core businesses. value ofoperation 100 million euro.
Banca Ifis: consolidation in the non-performing loan market
The partnership is of significant industrial significance. Strengthens the position of Banca Ifis like reference operator in the non-performing loans market, particularly in the segment of small unsecured loans (small tickets unsecured). At the same time, it allows MB Credit Solutions, a subsidiary of the Mediobanca Group specialized in credit management, of focus on its core business of debt management and collection, having constant business volumes available in the coming years.
The two institutes simultaneously signed a multi-year servicing agreement which envisages that MBCredit Solutions will continue to support Banca Ifis in the management and recovery of non-performing and non-performing loans by making its professional and industrial skills available to the partner. In addition, a forward flow agreement for non-performing loans deriving from consumer credit Compass.
Revalea's wallet
Il portfolio of impaired loans of Revalea SpA, has a nominal value of 6,8 billion euros and a net book value of 256 million. There portfolio composition sees 89% of unsecured loans come from the banking sector, with 64% represented by retail loans and the remaining 36% by corporate loans. Upon completion of the operation, the Revalea team, consisting of 22 professionals, will strengthen that of Banca Ifis.
La closing of the operation is provided by the fourth quarter of 2023. The acquisition of Revalea by Banca Ifis will lead to an improvement in Mediobanca's Common Equity Tier 1 (CET1) of around 10bps, while Banca Ifis will suffer a reduction of around 40bps.
“The agreement is consistent with our will to increase exposure to businesses with lower capital absorption and higher fee content, in compliance with the usual prudent approach in risk assumption and management, and allows us to further exploit the expertise gained over the years by MBCredit Solutions in the management of non-performing loans in synergy with the credit disbursement activity carried out by the Consumer Banking division ", commented Albert Nagel, Chief Executive Officer of Mediobanca.
“This operation seals a long-term strategic partnership with Mediobanca and strengthens our leadership in a core sector for the Group. The acquisition of Revalea demonstrates Banca Ifis' ability to be an authoritative and qualified partner for the Italian and European banking system", declared Ernesto Furstenberg Fassio, President of Bank Ifis.
“Through the acquisition of Revalea, Banca Ifis demonstrates its ability to seize strategic growth opportunities on the market and to manage transactions with high levels of complexity. With this transaction, we secure the NPL purchase targets envisaged in the 2022-24 Business Plan, increasing our proprietary portfolio to approximately €30 billion in nominal value and a combined book value of €1,8 billion, and we strengthen our organic growth with a significant acquisition,” said Frederik Geertman, Chief Executive Officer of Banca Ifis.
