Spanish banking group Banco Bilbao Vizcaya Argentaria gave an advisory mandate to N+1 for the sale of its Italian consumer credit subsidiary BBVA Finanzia, il Sole 24 Ore wrote last Tuesday.
BBVA Finanzia was born in 2004 as a joint venture with Italy’s Bnl and Bbva bought out Bnl some years later. Today BBVA Finanzia has assets under managment for about 320 million euros.
International private equity firms might be interested in the deal. Actually this is the third dossier to be on their desk as for the consumer credit sector in Italy.
US private equity firm Apollo Management is actually in talks with Carige bank for acquiring its subsidiry Creditis Servizi Finanziari spa. Apollo is the same private equity firm who both from carige bank its insurance companies Carige Assicurazioni spa and Carige Vita Nuova spa in October 2014 (see here the press release).
Private equity firms ara also bidding for Intesa Sanpaolo‘s consumer credit division Accedo (former Intesa Personal finance). Final bids are expected in the next few weeks. The company which manages a 4 billion euros consumer loans portfolio is valued about 400 million euros. Some industrial players are said to be interested to the deal such as Deutsche Bank itogether with US private euqity firm Tpg, Banco Santander and Ing, Among private equity funds Apollo, Apax Partners, Lone Star and Vaerde Partners are said to be considering bidding as well as credit funds such as Christofersson Robb & Company and Italfondiario-Fortress.
