Fire Group, an Italian servicer for NPEs that belongs to chairman Sergio Bommarito, launched Claudio SPV for acquiring retail UTPs and NPLs and set a 100 million euros investment target in three years (see here a previous post by BeBeez). Fire also announced the acquisition of a secured portfolio with gross value of 19.5 million of which it will acquire the mezzanine notes and the majority of junior tranches while Milan-listed illimity Bank will buy the senior items. Colombo & Associati acted as financial advisor.
In 3Q23, Milan-listed illimity posted net profits of 75 million euros (+48% yoy) (see here the analysts presentations and here a previous post by BeBeez). For 2023, illimity set a target of 100 million net profits.
In 3Q23, Milan-listed Banca Ifis‘ NPL unit posted net profit of 44 million euros (see here the analysts presentation and here a previous post by BeBeez). The Furstenberg Family is the firm’s main shareholder.
The Italian NPL securitisation performace review of Scope Ratings says that in 3Q23 the securitizations of Italian NPLs portfolios are underperforming (see here a previous post by BeBeez). In September 2023, the performance went down 25% yoy and by 42% compared to 3Q21. However, September 2023 recoveries amounted to 137 million euros from 69 million in August.
