20 December, Milano Finanza
The group doBank will be appointed in the role of servicer for the management of bad loans for a gross book value of approximately 1 billion euro. The operation is included the bailout plan of Cassa di Risparmio di Rimini, Cassa di Risparmio di Cesena, and Cassa di Risparmio di San Miniato, known as operation Berenice, carried out by the fund Italian Recovery Fund (Atlante II).
doBank is supposed to start working on the credits in the first quarter of 2018. The appointment of special servicer in the Berenice operation is consistent with the strategic plan and doBank’s plans for expansion.
doBank is a leading independent servicer, operating in credit management, mainly non-performing loans, on behalf of banks and private and public financial institutions, with a managed credit portfolio of 81 billion euro (gross book value), corresponding to over a half of the NPLs externally managed in the Italian independent servicing market and about one-third of the total volume of NPLs in the same market.
doBank’s gross earnings at the date of 31st December 2016 were equal to 206.2 million euro and were composed for 93% of earnings from servicing activity, for 4% from earnings of auxiliary products and for the remaining 3% of minor banking activities.
doBank’s stocks have dropped below 12.5 euro (-2.7%).
Source: Milano Finanza
Translator: Cristina Ambrosi