Cassa Centrale, through Centrale Credit Solutions, has signed an agreement with Arrow Global and its subsidiaries Zenith Service and WhiteStar Asset Solutions Italia. The agreement concerns the sale of a portfolio of loans classified as non-performing, mortgage and unsecured, sold by 35 credit institutions (of which 33 belonging to the financial institution and 2 independent). Banca IMI, Intesa Sanpaolo Group, acted as advisor to Centrale Credit Solutions.
The portfolio, which includes receivables deriving from mortgage contracts and loans granted to customers belonging to the corporate, SME and private segments, consists of exposures for a total value - gross of adjustments - of 345 million euro. The operation is structured through the vehicle company "Etna SPV", set up and made available by Zenith Service.
WhiteStar Asset Solutions Italia will perform the management services of the portfolio acquired through the securitization vehicle. The asset-backed securities will be issued in a single class and underwritten by Arrow Global.
The sale forms part of the strategy to reduce non-performing exposures implemented in recent years by the Cassa Centrale group. The ultimate goal is to reduce the NPL ratio to below 7% of total loans by 2021.
“We are satisfied to have contributed to the implementation of a strategic operation of the Trentino bank, allowing banks to free up capital for new disbursements, always with the aim of helping families and businesses in the area – comments Umberto Rasori, CEO of Zenith Service – Furthermore, Zenith confirms itself as the reference partner for the world of NPL credit thanks to the track record of over 20 billion euros of non-performing loans managed as Master Servicer".
