In the first quarter of 2018 Banca Ifis, the commercial credit institution led by Giovanni Bossi, carried out three transactions on NPLs. The bank's area dedicated to non-performing loans, explains a note from Banca Ifis, first signed a twelve-month agreement "for the purchase of the annual production of unsecured non-performing consumer loans (credit cards and loans personal data) of one of the main Italian consumer credit companies, in forward flow mode (transfer of credits on a quarterly basis)".
The first transfer of these credits – for approximately 35 million nominal corresponding to over 4.500 positions. – took place in the month of March just ended. A financing transaction was then closed for a portfolio of mainly secured non-performing loans originated by a leading Italian banking group and acquired by a company affiliated with Cerberus Capital Management”.
Banca Ifis acted as lender for the purchase of the portfolio with an investment of approximately 40 million. Lastly, also in March, the Npl area successfully concluded the sale of some consumer-type portfolio lines with a nominal value of approximately 40 million.
As at 31 March 2018, the Non-performing loans portfolio held by Banca Ifis boasted over 1,5 million positions, corresponding to approximately 13 billion euro nominal, while collections for the institution in the first quarter thus amounted to 38 million euro against 31 million euros in the same period of the previous year.
Finally, Banca Ifis communicated the postponement of the reverse merger of La Scogliera Spa in Banca Ifis Spa: in fact, the board of directors "was updated on the progress of the process and, in particular, on the fact that the completion of the merger could take place in the second half of 2018 compared to an initial forecast of closing in the first half of the current year, being some in-depth analyzes are underway regarding the process and the technical methods for its implementation”.
