Milan-listed illimity Bank will no longer invest in NPLs (see here a previous post by BeBeez). In 2023, illimity generated net profits of 104 million euros. Andrea Clamer, the firm’s co-founder, will head the Specialised Credit unit (fka Distressed Credit) that will switch its focus from Gone Concern (NPLs of bankrupted or close to fail companies) to Going Concern (still performing credits, Stage 2 and real estate and real goods backed liabilities). Corrado Passera, the ceo and co-founder of illimity, said that the company decided for such a switch as the distressed segment is starting to be less profitable.
Antonella Pagano joined the board of directors of Fire, a subsidiary of Italian NPEs servicer Gruppo Fire that belongs to chairman Sergio Bommarito (see here a previous post by BeBeez). Pagano previously worked for PwC Corporate Finance where she became the Italian head of European Portfolio Advisory Group for the sale of non-core assets and NPLs portfolios. In 2016, Intrum appointed her as Italy’s country manager while in 2019 she joined Accenture Management Consulting as managing director for NPEs credit servicers. Angelo Barbarulo and Bommarito are the chairman and ceo of Fire.
