Banca IFIS has acquired control of FBS, a company founded by Paolo Strocchi, which operates in the NPL sector as an operator specialized in servicing activities (master and special services), secured and unsecured NPL portfolio manager, due diligence consultant and authorized investor in NPL transactions. The same institute led by Giovanni Bossi communicates it through a note.
In the context of the transaction, in addition to the servicing platform, Banca IFIS also acquired the proprietary mixed portfolio (secured and unsecured) with a nominal value of around 1,28 billion, corresponding to over 45 thousand debtors for an average ticket of around 28 thousand euro ).
The acquisition will be completed within the month of November. Based on the provisions of the agreement, Banca di Bossi will acquire control of 90% of the share capital of FBS for a consideration of 58,5 million. Paolo Strocchi, current CEO of Fbs, will remain in the share capital with 7,5%, as will the managers Elena Ruo and Giorgio Fedocci who hold a total of 2,5 percent.
“This integration – stated Banca IFIS's managing director – represents a turning point for Banca IFIS and for the Italian market. It takes shape the first integrated investment and asset management platform in the Italian NPL market, able to offer a complete service – management only or investment or a mix of the two – in all categories of non-performing credit, from the most fractional unsecured consumers up to real estate, passing through the corporate. Our country's banks and financial institutions need comprehensive solutions, capable of accompanying them in the best possible elimination of non-performing loans from their balance sheets; the answers can be articulated and only the most in-depth knowledge of credits and solutions for debtors allows us to identify the optimal way. Today many banks are in fact de-consolidating NPL portfolios also using favorable regulations, but without solve all credits but only by removing them from the balance sheets”.
"For solve the credits – continued Bossi – will take many years, a lot of competence and specialization to better grasp the differences and opportunities on the market. The integration with FBS represents an important step in this direction for Banca IFIS because it provides the Group with the best expertise in credit management with underlying real estate market e corporate, which joins the excellence already present in the Bank in loans unsecured, in the context of specialist services but integrated for the first time in a single actor. The financial strength of the Bank completes the offer: even the world of UTPs, with all the greater complexity and uncertainties, can be approached directly by a Bank that has, however, already acquired all the specialized skills of analysis, management, investment and a strong experience in the provision of credit to businesses. By integrating FBS, Banca IFIS exceeds 14 billion in proprietary non-performing portfolio and manages a counter-value equal to a further 7 billion in third-party loans, bringing the managed portfolio to over 20 billion. Thus materializes - concludes Bossi - a joint platform made up of about 400 employees, involving over 200 law firms and almost 300 professionals: the most important in the country, eager to change the rules of the game again in the non-performing credit market in the interest of all stakeholders.”
Paul Strocchi, managing director of FBS, commented: “The transaction with Banca IFIS is the natural culmination of a successful entrepreneurial journey that began in 1997 which has seen FBS grow year after year to become the 4th national operator in the NPL sector. The financial capabilities of Banca IFIS, combined with the credibility and skills of FBS, which has in-depth knowledge of the logic and dynamics of a single and complex market such as the Italian one, will allow for an even more incisive development of our company to the benefit of the non-market -performing and its actors. In the last two years we have received several partnership proposals from foreign and non-foreign operators. We have always believed that the answer to the great issue of NPLs, which has not yet been resolved in our country, should come from Italy; a system operation for the system. Thanks to Banca IFIS there is an all-Italian opportunity to combine the capital of a private bank with the Italian management experience of a qualified provider such as FBS”.
