The shareholders of Banca Popolare Valconca approved the merger with Cherry Bank (see here a previous post by BeBeez). Cherry Bank is an Italian investor in NPLs. The large majority (96%) of Banca Popolare Valconca previously approved such a merger that may complete by December 2023.
Manuela Franchi, the ceo of Milan-listed NPL servicer doValue, said to BeBeez Magazine that she aims to boost the firm’s market capitalization and implement a diversification of incomes (see here a previous post by BeBeez). Franchi said she doesn’t rule out a delisting, but ut is a long shot for doValue, of which Fortress has 28% and Bain Capital Credit has 13%. The firm has assets under management worth 71 billion euros. The aggregate NPE ratio of Italian banks is below 5%, therefore there are less opportunities for NPEs investments.
Fire Group, an Italian investor in NPEs that belongs to chairman Sergio Bommarito, and a team of seasoned lawyers created the firm Effe Legal (see here a previous post by BeBeez). Effe Legal will assist credit market participants and appointed Alessandro Barbaro as ceo.
