Cherry Bank announced the acquisition of a portfolio of NPLs with a face value of 37 million euros from BlinkS, part of Prelios Innovation (Prelios) (see here a previous post by BeBeez). After such a transaction, Cherry Bank will have 4 billion of distressed credits under management. Laura Gasparini is the head of market & investments at Cherry Bank.
Kruk Italia, part of Poland’s Kruk, said it acquired a portfolio of Secured NPEs with a face value of 34 million euros that Banca Sella originated (see here a previous post by BeBeez). Eleonora Lagonigro is the Director of Corporate Business Area of Kruk Italia, CBDO, director of Agecredit, and ceo of Kruk Immobiliare. Roberto D’Orazi is the Director of Strategic Transactions and Business Development of Kruk.
Sources said to BeBeez that troubled Italian insurer Eurovita, a portfolio company of Cinven, hired Vitale&Co (see here a previous post by BeBeez). The insurer reached an agreement for a piecemeal sale to Intesa Vita, Generali, Poste, Unipol, and Allianz. Eurovita reportedly suspended the payment of policies as IVASS, the Italian authority of insurers, is analysing the situation (see here a previous post by BeBeez). The buyers invested 500 million euros for acquiring Eurovita and are waiting for the warranty of Fineco, Sparkasse and Credito Emiliano. The buyers also signed distribution agreements with Banca Agricola Popolare di Ragusa, Banca di Credito Popolare, Banca di Piacenza, Banca Fideuram, Banca Investis, Banca Popolare dell’Alto Adige, Banca Popolare di Lajatico, Banca Popolare di Puglia e Basilicata, Banca Popolare Sant’Angelo, Banca Profilo, Banco Desio, BNL, Cassa di Risparmio di Volterra, Cassa Lombarda, FinecoBank, Finint Private Bank, Gruppo Banca Monte dei Paschi di Siena, Gruppo BCC Iccrea, Gruppo Cassa Centrale Banca, Gruppo Cassa di Risparmio di Bolzano, Gruppo Credem, Gruppo Credit Agricole, Gruppo Unicredit, Mediobanca, and UBS. Banco BPM, Banca Monte dei Paschi di Siena, BPER, Credit Agricole, Intesa Sanpaolo, and Mediobanca will act as last-instance lender in the event that redemptions reach a threshold and after Eurovita’s residual liquid assets have already been used to cover them.
Officine Maccaferri, a diversified Italian industrial group, is no longer in receivership (see here a previous post by BeBeez). Officine Maccaferri reportedly launched a capital increase of 60 million euros that Ad-Hoc Group (Carlyle Global Credit Investment Management, Man GLG and Stellex Capital Management) and other investors subscribed. Ad Hoc also invested in the 190 million bond with a 5.75% coupon and maturity in 2021 that Maccaferri issues in 2014.
Davide Dattoli, the cofounder and executive chairman of Talent Garden, joined the board of Zenith Service, a provider of securitization services with a special focus on distressed assets, that belongs to Arrow Global (see here a previous post by BeBeez). Dattoli will replace Silvia Rovere that since April chairs Poste Italiane.
