Banca IFIS – currently the largest independent operator in the specialty finance market in Italy – has defined the details for the sale of two portfolios of Non-Performing Loans for a total nominal value of approx 250 million euro, corresponding to approximately 27.000 positions.
The first agreement reached relates to the transfer of a portfolio of difficult to collect loans consumers with a nominal value of 151,6 million euros corresponding to around 12.000 positions, mainly made up of personal loans (38%), special purpose loans (31%) and revolving credit cards (21%).
The transaction was finalized with a distressed international investor.
The second agreement has as its object the sale of a portfolio of re-performing loans and provides for the transfer of a credit report in which the repayment phase has been successfully initiated. These are loans secured by bills of exchange for a nominal value of 98,4 million euro, corresponding to approximately 15.000 positions, with a prevalence of consumer credits (98%).
This second agreement was finalized with LCM Partners, a pan-European investment manager active in the credit purchasing sector. For portfolio management, LCM Partners will rely on the group servicer Link Finanziaria.
"The two transactions were carried out thanks to the distinctive experience gained by the Bank in the NPL sector and the ability to identify non-core segments with respect to the current management model" said Andrea Clamer, head of Banca IFIS's NPL Area.
"In addition to the ability to process credits - Clamer underlined - we are able to generate value thanks to the sale of part of the acquired portfolios, still perfect in terms of workability, to reliable players who collaborate with us on an ongoing basis".
Paul A brothel, Chief Executive Officer of LCM Partners: “This is the fifth operation of LCM Partners in Italy through the funds linked to the LCM Credit Opportunities III. This purchase further strengthens our local platform: in fact, with over 2.5 billion euros of locally managed assets, theItaly is an important growth market for us".
