Banca IFIS purchases 71 million euro of secured deteriorated loans.

Montag, 28.11.2016 18:15

Mestre (Venice), November 28, 2016 - Banca IFIS announces it has purchased approximately 71 million euro (nominal value) of non-performing loans, equivalent to more than 4.800 positions. The operation had as counterpart an international company active in the distressed finance.

The portfolio consists mainly (68%) of secured loans - secured by a mortgage on property - and the for the remaining part (32%) of unsecured loans.

"This transaction attests Banca IFIS NPL Area's newest activity both in the secured and unsecured banking market" said Andrea Clamer, Head of the NPL division. "The acquisition of this type of portfolios and their efficient management is a first and strategic step towards the bank credit market and it widens Banca IFIS's focus onto the largest segment size in Italy".

In light of transactions executed so far, Banca IFIS's own non-performing loans portfolio is now well over 1.3 million positions, amounting to a total nominal value of 9.6 billion euro.

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Source: Banca IFIS S.p.A. via Globenewswire