SGA the Italian state owned asset management company focused on NPLs and UTPs has changed its name in AMCO and presented positive results for first half 2019 with 20.6 Bn € of assets under management and 8.2m € net profit for half year.
The substantial decrease of NPL stock in Italian banks’ balance sheets has been achieved mostly using GACS securitization schemes and Originator – Investor long term partnerships or Joint Ventures both producing a substantial boost for servicing industry.
Increased volumes is one of the most relevant driver of consolidation process in special servicing industry with Credito Fondiario Fonspa and Banca IFIS studying a partnership in the debt servicing and Cerved considering the spin off of its Credit Servicing Unit.
The final landscape we can expect to see will be therefore likely to have a reduced number of large players that will probably cover some 2/3 of the entire market with smaller players dedicated to remaining market share and active ad a sub servicing level.
I will also be speaking at the NPL Investing & Servicing Summit | Athens October 17-18 in the New Developments & Opportunities Panel.
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