Italian debt purchaser MBCredit Solutions has completed the acquisition of the “Sherazade” portfolio from Intesa Sanpaolo, comprising a stock of unsecured non-performing exposures (NPEs) with a nominal value of approx €600million.
The agreement consolidates the Mediobanca Group company’s leadership position in the retail unsecured NPE segment, with MBCredit Solutions now a leading player in the NPL acquisition and management sector. In line with the Group’s three-year strategic plan unveiled last year, the deal allows MBCredit Solutions to speed up the growth in the size of NPE portfolio under its management, and confirms its specialization and leadership position in the unsecured retail segment.
The Sherazade portfolio consists of positions deriving from consumer credit contracts, salary-and pension-backed finance and credit cards. In total the portfolio comprises some 65,000 positions, which MBCredit Solutions was able to value on the back of its ten years’ of experience in managing portfolios with similar characteristics.
Francesco Barelli Terrizzi, Chief Executive Officer of MBCredit Solutions, said: “This agreement confirms MBCredit Solutions’ credentials as a credible and reliable partner for Italian banks in developing solutions to manage and valorize non-performing exposures from an industrial standpoint which is sustainable over the long term”.
As a result of the above transaction, the portfolio of non-performing loans owned by MBCredit Solutions now consists of some 520,000 positions and has a total value of approx. €3.5bn.