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Banca IFIS acquires NPL portfolios

Banca IFIS SpA completed the acquisition of two portfolios of consumer credits and unsecured bank credits with an international fund working in the distressed credit sector for a nominal value of about €414 million.

Banca IFIS acquired the first portfolio, which corresponds to 14,071 positions for a nominal value of approximately €302 million, from a "primary Italian bank." 77% of the portfolio is composed of retail loans and the remainder is made up of corporate loans.

The Italian lender purchased the second portfolio mainly consisting of credit cards and consumer loans from one of Italy's leading financial companies in family loans. The portfolio has a total of 12,670 positions, mainly retail, and was bought for a nominal value of €112 million.