CREDITO FONDIARIO: BIRTH OF LIBERTY SERVICING, THE NEW RECOVERY PLATFORM IN JV WITH BANCO BPM

CF Liberty Servicing is the new platform devoted to the recovery and management of non-performing loans. The platform is the result of a joint venture between Credito Fondiario, a leading Italian bank specialized in investment and servicing of non-performing loans portfolios, and Banco BPM.

The company – that sees Credito Fondiario as a 70% shareholder and Banco BPM as a 30% shareholder– will manage as servicer the EUR 7,4 billion portfolio acquired by Elliott as part of the securitization concluded in February 2019.  State guarantee (GACS) was set on senior securities, residual stock of NPLs and of Banco BPM, and, over the next 10 years, on a significant share equal to 80% of the new flow of non-performing loans.

Thanks to this transaction, Credito Fondiario consolidates its role as a leading company in the credit management sector in Italy. Moreover, it increases exponentially the number of employees who, thanks to the joint venture, will become about 350, and will be located in the headquarters of Rome and Milan, as well as in the new offices in Bergamo, Verona, Lodi, Naples and in the branch of Genoa, opened last year. - PRESS RELEASE