Banca Ifis buys Revalea from Mediobanca for 100 million – Corriere.it

With a new acquisition in Mediobanca, Banca Ifis broadens its range of action in non-performing loans. In fact, the institute took over 100 million from Piazzetta Cuccia Revalea spa, a company born in 2022 from the spin-off of NPLs deriving from the acquisition of non-performing portfolios, a business that is no longer one of Mediobanca’s core activities. The portfolio of non-performing loans of Revalea spa, with a nominal value of 6.8 billion and a net balance sheet of 256 million, is made up of unsecured loans 89% from the banking sector, 64% from retail loans and the remainder from corporate loans. “The agreement is consistent with our desire to increase exposure to businesses with lower capital absorption and higher commission content, in compliance with the usual prudent approach to risk assumption and management – said Alberto Nagel, CEO of Mediobanca – and allows us to further exploit the expertise gained over the years by MBCredit Solutions in the management of non-performing loans in synergy with the credit disbursement activity carried out by the Consumer Banking division».

Partners on Npls

«This transaction seals a long-term strategic partnership with Mediobanca and strengthens our leadership in a core sector for the group. The acquisition of Revalea demonstrates Banca Ifis’ ability to be an authoritative and qualified partner for the Italian and European banking system», explained Ernesto Fürstenberg Fassio, president of Banca Ifis. The partnership consolidates the positioning of Banca Ifis as a reference operator in the non-performing loans market in the small tickets unsecured segment and allows MBCredit Solutions, a Mediobanca company specialized in credit management, to focus on the core activity of management and recovery being able to count on on constant business volumes for the next few years. In fact, the two institutions have also signed a multi-year servicing agreement which provides that MBCredit Solutions will continue to support Banca Ifis in the management and recovery of non-performing and non-performing loans, in addition to a forward flow agreement on NPLs deriving from credit to the consumption of Compass. The acquisition will lead to an improvement in Mediobanca’s Cet1 of 10 basis points and a reduction of around 40 for Banca Ifis.

Reinforcement

«Through the acquisition of Revalea, Banca Ifis demonstrates its ability to seize strategic growth opportunities on the market and to manage transactions with high levels of complexity. With this transaction, we secure the NPL purchase targets envisaged in the 2022-24 Business Plan, increasing our property portfolio to around 30 billion euros of nominal value and a total book value of 1.8 billion euro0F1, and we strengthen our organic growth with a significant acquisition operation», added Frederik Geertman, CEO of Banca Ifis.