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Banca IFIS has purchased 2 retail and corporate NPL portfolios for a total nominal value of about 573 million euro

Inside information

Mestre (Venice), 27 March 2017 – Banca IFIS closed two deals for the purchase of about 573 million euro (nominal value) worth of NPLs.

The first deal, closed with a leading international investment bank, is related to a portfolio which consists of about 3.500 positions for a nominal value of 413 million euro, and includes mixed secured bank loans (48% of nominal value) and unsecured loans originating from overdrafts, mortgages or personal loans to individuals and small businesses. More specifically, the portfolio is made up of 62% corporate loans and the rest of retail loans.

The second deal calls for the purchase from an international banking group of a portfolio of over 13.000 positions for about 160 million euro (nominal value). As for the type of loans purchased, these are primarily unsecured consumer loans.

 “We are pleased to have closed these two new deals” said Andrea Clamer, Head of Banca IFIS’s NPL Area, who went on to say: “It clearly demonstrates the Bank’s desire to further develop its NPL business. Indeed, as part of our broader project to develop the bank as a whole, we are also implementing some new, innovative, operational changes in the NPL Area and we are sure that, with these portfolios, we will continue to create value, thus confirming our focus on the profitability of our operations, linked to capital absorption and liquidity.”

In fact, we are implementing some new operational management within the broader planning of the bank and we are confident that with these portfolios will continue to create value,

The overall value of all NPLs managed by Banca IFIS, as of February, 28 2017, amounted to 9.9 billion euro comprising about 1 million 400 thousand positions