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Banca IFIS, new NPL transactions: two deals reached for an overall nominal value of about 338 million euro

Inside information

Mestre (Venice), 20 June 2017 – Banca IFIS has concluded two new deals involving the purchase of consumer credit portfolios for a total nominal value of approximately 338 million euro.

The first agreement involves the purchase by Banca IFIS of a portfolio made up of about 50.000 positions sold by Findomestic Banca, for a nominal value of approximately 321 million euro. This portfolio consists mainly of personal loans (64%) and credit cards (23%), with the remainder being made up of car loans and special-purpose loans.

The second deal, reached with Consel, part of the Banca Sella Group operating in the consumer credit sector, involves the purchase by Banca IFIS of a portfolio of 6.475 positions with a nominal value of approximately 16,7 million euro. This portfolio includes receivables due from individuals (approximately 97% of the nominal value) for personal loans, credit cards and unsecured loans and leases (hence without underlying guarantees), in the automotive sector.

These transactions bring us to a total of seven purchases in 2017, for a nominal value of over 2 billion euro, in line with our 2017-2019 strategic plan,” stated Andrea Clamer, Head of Banca IFIS’s NPL Area. “These are deals reached with prestigious sellers who we have been collaborating with for years, a satisfying choice for us which testifies the excellent work we have carried out until now”.

Angelo Scatigna, Findomestic’s Head of Customer Solutions and Collection, stated: “We are pleased we have completed this important transaction through which we consolidate our relationship with Banca IFIS, one which guarantees deontologically correct management for our former customers.

This is the second transaction involving Banca IFIS purchasing receivables from Consel in the last one and a half years,” said Giorgio Orioli, Consel SpA’s C.E.O. “This deal demonstrates the mutual, long-standing interest that these two financial entities share, and represents an important step in the process of optimizing loan portfolios and contextually reducing NPLs.