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Banca IFIS, further transactions in the NPL sector for a total nominal value of about 414 million euro

Inside information

Mestre (Venice), 3 April 2017 – Banca IFIS is continuing its acquisitions in the Non-Performing Loan sector. The Institute has completed the purchase of two portfolios of consumer credits and unsecured bank credits with an international fund working in the distressed credit sector for a total nominal value of about 414 million euro.

The first portfolio originates from a primary Italian bank; the nominal value of the acquired portfolio is approximately 302 million euro, corresponding to 14,071 positions (personal loans, credit cards and special-purpose loans). More specifically, 77% of the portfolio is composed of retail loans and the remainder of corporate loans.

The second portfolio originates from one of Italy’s major financial companies, a leader in family loans. The portfolio was sold for a nominal value of approximately 112 million euro and a total of 12,670 positions, mostly retail, mainly consisting of credit cards and consumer loans.

“As indicated by the guidelines of our 2017-2019 Strategic Plan, we’re accelerating our acquisition of portfolios that today provide the possibility to buy diversified asset classes”, said Andrea Clamer, Head of Banca IFIS’s NPL Division, “the market is very active right now and we are ready and prepared to play our role as a recognised strong leader in the sector.”

The total of NPL debts managed by Banca IFIS to 28th February 2017 amounts to about 9.9 billion euro and includes about 1 million 400 thousand positions.