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Banca IFIS acquires more than €197M in 2 NPL portfolios

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Banca IFIS acquires more than €197M in 2 NPL portfolios

Banca IFIS SpA closed the purchase of two portfolios of nonperforming retail and corporate loans with a nominal value of more than €197 million.

The first portfolio, which was acquired from an Italian financial company in the consumer credit market, comprised mainly unsecured retail loans, totaling 17,000 positions, with a nominal value of €143 million.

Meanwhile, the second portfolio, which consisted of both corporate and retail loans, had a nominal value of about €55 million, of which €30 million were secured loans. The second portfolio was purchased from a major Italian banking group, according to Banca IFIS.

The Italian lender noted that it has closed 19 transactions to date in 2017, bringing the overall amount of NPLs under its management to over €13 billion, corresponding to more than 1.5 million positions, at 2017-end.

Banca IFIS also disclosed the founding of IFIS NPL, which will accommodate the bank's NPL division.