A year dedicated to growth for Cherry Bank also in the sector npl where it acquired assets with a nominal value of 3,7 billion. Since its inception in October 2021, the bank resulting from the merger by incorporation of Cherry 106 into Banco delle Tre Venezie has finalized 13 operations among which the most significant is represented by a portfolio, originating from the banking sector and acquired on the secondary market for a nominal value of 1,9 billion euro.
Npls: what are they?
Ma what are NPLs? Non-performing loans or non-performing loans (in English Non-performing loans, Npl) are bank credits (mortgages, loans, loans) that debtors are no longer able to repay regularly or completely.
Cherry Bank, accelerating performance in the Npl sector
I acquired credits they are mainly in nature unsecured and concern a total of 191.000 debt positions, originating for over 85% of the total value from the banking segment, while about 15% refers to consumer credit. Acquisition operations were carried out for 92% of their total value in the secondary market.
In the last twelve months the division Npl Management of Cherry Bank, which operates throughout the country in collaboration with a network of 18 collection companies and has about fifty internal operators, finalized around 9.000 positions and defined payment plans for a further 1.000 debt positions.
Bossi: "Third wave of NPLs influenced by recession and higher rates"
“Distressed credit is a strategic sector for Cherry Bank's growth plan – he explains John Bossi, ceo of Cherry Bank – which can count on two fundamental drivers: people and technological innovation. The professionalism and skills at our disposal allow us to face the arrival of the awaited third wave of NPLs, which we expect to be influenced by new elements compared to the past, namely by the recession and higher interest rates. In this scenario, the contribution of technological solutions will be fundamental, which allow to operate with greater efficiency and to make precious resources available for the real economy in the shortest possible time”.
