“Intesa Sanpaolo communicates that the bank is considering strategic options involving the Npl servicing activity, that include a disposal of a bad loan portfolio of the group, as part of the upcoming Business plan”. This is said in a press release sent out by the bank yesterday after Bloomberg had published the news that Scandinavian Npl servicer and investment group Lindorff-Intrum Justitia is in talks with Intesa Sanpaolo about buying its Npl managment platform, together with a 10 billion euros gross value portfolio and an agreement to manage part of the actual and future Npl on the bank’s books.
The bank led by ceo Carlo Messina might sell the whole Npl managing platform of just a stake. The platform is said to be valued about 500 million euro.
Talks between the bank and Lindorff-Intrum Justitia were confirmed yesterday by Lindorff-Intrum itself adding that talks are just an initial phase and that no more details will be disclosed.
This will be the fourth acquisition in Italy for Lindorff-Intrum after the acquisition of Roma-based servicer CAF last December, which was sold by Lone Star together with a 370 million euro GBV Npl portfolio (see here a previous post by BeBeez), the acquistion of Gextra last May, which was sold by Italfondiario and founder Francesca Carafa, who remained in the management team (see here a previous post by BeBeez) and the acquisition of Cross Factor in Spring 2016.
Lindorff-Intrum Justitia è is the major credit servicer provider in the world, born at the end of last June after a merger between Norway’s Lindorff (controlled by Nordic Capital) and Sweden’s Intrum Justitia (see here a previous post by BeBeez). Antonella Pagano, who used to be Lindorff’s Italy country manager and prior head of Npl division in PwC in Italy, has been appointed managing director of Lindorff-Intrum Justitia in Italy (see here a previous post by BeBeez)