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Illimity Bank unit acquires 70% stake in IT Auction

Illimity Bank SpA unit Neprix Srl bought a 70% stake in IT Auction Srl for €10.5 million.

Founded in 2011, IT Auction manages and sells real estate and business assets through its online platforms. The remaining 30% of the company will be kept by its existing shareholders. Its current management team will also keep their posts.

Illimity Bank said the sale takes its total assets under servicing to more than €7.5 billion.