(Visited 102 times, 1 visits today)
(Visited 102 times, 1 visits today)
  • Transaction / Assets
    NPL portfolio
  • Seller
    FBS
  • Buyer
    Banca Ifis
  • € MM
    1.18 billion

Banca Ifis acquired FBS: the first integrated operator of Italian NPL

15 May, Trend Online

Banca Ifis announced to have signed the agreement for the acquisition of FBS S.p.A., the company founded by Paolo Strocchi and operating in the NPL sector providing servicing (master and special services), management of secured and unsecured NPL portfolios, consulting for due diligence activities and authorized investor in NPL operations.

HIGHLIGHTS OF THE OPERATION

  • The servicer FBS enters the Banca Ifis group;
  • Thanks to the acquisition, Banca Ifis will be able to offer a full range of solutions for all the asset types of the NPL market;
  • The operation concerns 90% of the FBS capital for a value of 58.5 million euro;
  • Paolo Strocchi, FBS majority shareholder since its founding, will remain the Ceo and member, together with the top management, with a total quota of 10%;
  • A proprietary portfolio of bad loans worth 1.28 billion euro is also included in the operation;
  • FBS manages NPL for about 7 billion with a staff of 127 people and it’s currently the fourth operator in the Italian servicing sector;
  • Strong revaluation of the secured component of the portfolio by Banca Ifis;
  • FBS closed 2017 with an Ebitda of approximately 10 million and a net profit for 5.6 million.

Giovanni Bossi, Banca Ifis Ceo, commented: “This acquisition represented a breakthrough for Banca Ifis and for the Italian market. The first platform integrating investment and asset management for the Italian NPL sector is taking shape. It will provide a full range of services: management or investment only, or a mix of the two, for all the impaired loans categories, from unsecured consumer to real estate, passing through corporate. Banks and financial institutions in the country needs complete solutions in order to be assisted with the disposal of the bad loans from their statements. The solutions can be very complex and a deep knowledge of credits and solutions to debtors is necessary. Many banks are currently getting rid of NPL portfolios thanks also to the favourable regulation. But they’re just removing such credits from the statements, without solving them. To solve credits – Bossi stresses – it will take many years, a lot of experience and skill to take advantage of the market opportunities. The integration with FBS is for Banca Ifis an important step towards this direction since it provides the group with the best expertise in credit management, may it be backed by real estate or corporate credit, combined with the solid experience of Banca Ifis in unsecured credits. For the first time, a single operator will offer a range of services that are specialised and integrated at the same time. The financial strength of Banca Ifis completes the offer. Even UTP, with all the connected complexity and uncertainties, can be directly dealt by a bank with strong analysis, management and investment skills and a solid experience in the issuance of credits to companies. With the acquisition of FBS, Banca Ifis has exceeded 14 billion in proprietary portfolios of impaired credits and it manages third-party credits for approximately 7 billion, bringing the value of the managed portfolios to over 20 billion.  Bossi concludes: “In this way, a shared platform will be implemented with a staff of about 400 people, involving 200 legal firms and almost 300 professionals. The most important platform in the country, willing to make the difference once again in the NPL market acting in the interest of all the stakeholders”.

Paolo Strocchi, FBS Ceo, commented: “The operation with Banca Ifis is the natural conclusion of a professional path started in 1997 that saw FBS growing year after year and becoming the fourth national operator in the NPL sector.  The financial solidity of Banca Ifis together with the reputation and the competences of FBS, a company that knows well the dynamics and the logic of a unique and complex market such as the Italian one, will make possible a further development for our company with the benefit of the NPL market and its players. In the last two years, we’ve received several partnership proposals from national and international operators. We’ve always believed that the solution to the big NPL matter, still not solved in our country, will have to come from Italy. The Italian Banca Ifis offered us the opportunity to combine the capitals of a private bank with the experience of a qualified provider such as FBS”.

Along with the platform, the operation includes also the proprietary portfolio of bad loans – secured and unsecured – for a value of about 1.28 billion euro, corresponding to over 45 thousand debts for an average ticket of approximately 28 thousand euro.

Source: Trend Online

Translator: Cristina Ambrosi

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