Banca IFIS insists on NPLs: in the first half of this year alone, the Venetian bank has further increased its non-performing loan portfolio by €1,4 billion, rising to €16,4 billion in nominal value, to which must be added €6,4 billion managed on behalf of third parties for a total amount of €22,8 billion (nominal value). The 2019 operations were closed through the two subsidiaries: IFIS NPL SPA, specialized in unsecured small tickets, and FBS SPA, the fourth national operator specialized in the management of mortgage and corporate NPLs.
In detail: IFIS NPL SPA concluded purchase agreements for 700 million euro of non-performing loans in the unsecured retail sector, confirming its market share in the order of 50% in the reference asset class. Added to these purchases are 690 million euros relating to new managements acquired by FBS SPA again during the first half of 2019. The latest transaction in chronological order regards the purchase at the end of June, by IFIS NPL SPA, of a consumer portfolio from Findomestic, the leading player in Italy in the consumer credit sector. The total nominal value of the Findomestic portfolio, which was assisted in the sale by EY Advisory, is 250 million euros divided between 38.000 positions.
Banca IFIS has also signed an agreement which provides for a first viewing right on a further perimeter of Findomestic which will be sold in the coming months. In the first half of 2019, IFIS NPL transferred loans to specialized operators for a total residual nominal value of 586 million euros consisting of portfolio processing queues acquired over time. All deals were concluded at above book values. As at 30 June 2019, the portfolio owned by the Banca IFIS group therefore amounted to €16,4 billion in nominal value, to which must be added €6,4 billion managed on behalf of third parties for a total amount of €22,8 billion (nominal value).
