Italian NPL Market Update 2017-12

Banca Carige entered into a binding agreement with Credito Fondiario S.p.A., for the non-recourse disposal of a portfolio of mortgage and signature bad loans for a gross nominal value of approximately EUR 1.2 bn (see press release). The transfer price will amount to EUR 265.7 mln, corresponding to 22.1% of GBV and the closing is expected by the end of 2017.

The same parties will be involved in another binding agreement with for the disposal of Carige’s branch of business consisting in the bad loan management platform in addition to a multi-year servicing agreement. The closing of the deal is expected by the end of the first half of 2018 and is subject to the approval of the Regulatory Authorities while the tranfer price is expected to be EUR 31 mln,


Lindorff-Intrum Justitia has entered into an agreement to acquire CAF S.p.A (CAF), the third largest servicer of non-performing loans in Italy In addition, Intrum has acquired a large, diversified debt portfolio serviced by CAF (see press release).

The seller of CAF and of the debt portfolio serviced by CAF are affiliates of Lone Star Funds, a global private equity firm. The total purchase price on a cash and debt free basis for CAF and the debt portfolio is about EUR 200 million.

MB Credit

MBCredit Solutions

  • has signed an agreement with UniCredit to acquire a €450m GBV portfolio of non-performing loans deriving mostly from unsecured contracts with clients in the small and medium-sized business segments
  • has completed the acquisition of the “Sherazade” portfolio from Intesa Sanpaolo, comprising a stock of unsecured non-performing exposures (NPEs) with a nominal value of approx. €600m.

Intesa Sanpaolo is selling the Hemera portfolio, made of about 100 real estate repossessed assets (industrial assets above all), of which the bank became owner after bankrupcty procedures for 150mGBV.  Bain Capital, is said to be in exclusive talk to close this deal.

Banco BPM is preparing a 3Bn NPL securitization covered by public guarantee (Gacs) and according Milano Finanza  the portfolio will include a major stake of secured loans as it was the case with the sale of the Project Rainbow portfolio to Algebris fund which was valued about 40% of its gross value.

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GLG – Gerson Lehrman Group – Council Member



About Massimo Famularo

Investment Manager and Blogger Focus on Distressed Assets and Non Performing Loans Interested in Politics, Economics,
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