They must see some interesting potential. To do so, they buy “servicers”, companies operating in the management and collection of banks’ bad loans weighing on their books. Bain Capital has been launched a couple of days ago and bought a non performing loans portfolio for a value of 383 million from Banca Mediocredito del Friuli Venezia Giulia. In February, the American company took over the servicer Aquileia Capital Services from Hypo Alpe Adria, entering in this way in the NPL management market. The first operation is recent. The USA fund Lone Star has just acquired the servicer CAF. Also, the European Arrow Global Group, one of the biggest international operators specialized in the purchase and sale of NPLs, has bought the Italian Zenith Service for 17 million. Finally, Unicredit with its operation has transferred 17.7 billion euro bad loans to the vehicle companies Fortress (which took over first Italfondiario and then Uccmb, merging them into Dobank) and Pimco for the securitisation.
All this activity is due to the will of the banks to open their books and put on sales their most attractive bad loans, namely those secured by real estate. The Rainbow project, through which Banco Bpm sold about 700 million secured debt backed by exclusive properties (then transferred to Algebris), saw the interest of Blackstone and Cerberus.
Source: Corriere della Sera
Translator: Cristina Ambrosi