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illimity to form a joint venture with Apollo to invest up to 500 mln € in NPLs

17 June, La Stampa

illimity Bank entered a binding agreement with Apollo Global Management to form a joint venture to invest up to 500 million € in distressed credits. The investments will concern Italian bad loans and unlikely-to-pay backed by assets. illimity will also allocate 231 million € to the JV, which will have an initial investment horizon of 2 years. Neprix (illimity Group) has been appointed to manage the credits.

Source: La Stampa

Translator: Cristina Ambrosi