23 February, Milano Finanza
Cerved Credit Management, an indirect subsidiary of Cerved, has signed with the master servicer Credito Fondiario a master servicing agreement concerning bad loans for about 14.5 billion euro originated from the group Monte dei Paschi di Siena and securitised by the special purpose vehicle Siena Npl 2018.
The special servicing activities included in the contract will be initially assigned to Cerved Credit Management and it will be later managed by Juliet once this will be operational. Juliet is the company that will be transferred by Banca Monte Paschi di Siena to the industrial partnership composed of Quaestio Holding and Cerved Group, as it was announced already last year. However, the acquisition is subject to the approval of the surveillance authority.
We must remember that less then one month ago Cerved Credit Management was appointed by Rev Gestione Credit for the special servicing of approximately 2 billion euro NPLs generated by Banca delle Marche, Banca Popolare dell’Etruria e del Lazio, Cassa di Risparmio di Ferrara, and Cassa di Risparmio della Provincia di Chieti. Today, Cerved stocks closed on Piazza Affari with an increase of 1.45% at a price of 11.17 euro, while Mps reported a +0.35% and 3.462 euro.
Source: Milano Finanza
Translator: Cristina Ambrosi