08 January, Bebeez
Guber Banca and Barclays Bank adjudicated the NPL portfolio of Banca Valsabbina for a nominal value of 150 million as in June 2018.
The portfolio includes secured and unsecured loans, and it will be acquired through securitisation. The special purpose vehicle will issue untranched securities which will be purchased by Guber Banca and Barclays Bank. The operation includes over 1,300 holdings, 30% of which are secured, 70% are unsecured and mainly located in northern Italy, concentrating in Lombardy, especially in the province of Brescia. Guber Banca will take care of the servicing activity. Freshfield Bruckhaus Deringer was the legal advisor for the buyer.
This is the second operation of the partnership of Guber and Barclays after the transaction completed last July together with Värde Partners concerning an NPL portfolio originated from 53 credit unions, rural banks and cooperative banks for a total gross value of 1.397 billion euro. Besides, Värde has held 33.3% of Guber Banca since March 2017, while the remainder of the capital is held by the founders Francesco Guarneri and Gianluigi Bertini. In December 2018, Guber Banca bought from UniCredit Leasing an NPL portfolio worth approximately 170 million euro with underlying leasing contracts under the Italian Law.
Managing NPLs for about 9 billion between on its own and on behalf of third-parties, Guber Banca places fifth in the servicer chart in terms of volumes of managed NPs, as reported by PwC based on the figures dated 30th June 2018. The average ticket of the credits in the portfolio was 60 thousand euro at the time, mainly represented by unsecured credits (80%).
Translator: Cristina Ambrosi