AMCO AND VENETO SVILUPPO: PARTNERSHIP TO ACCELERATE THE TURNAROUND OF COMPANIES IN THE VENETO REGION
- The partnership will provide concrete support for the restructuring and development of worthy companies in the Veneto Region
- AMCO and Veneto Sviluppo will strengthen the financial structure of companies also with new financing and equity or semi-equity interventions
- Strategic projects of reorganization and aggregation will be favored
Milan, 24 July 2020 – AMCO – Asset Management Company, one of the main players in the Italian NPEs market, and Veneto Sviluppo, the Veneto Region’s financial intermediary that promotes the economic development of the territory through initiatives aimed at the production sectors, have signed a memorandum of understanding to support worthy companies in the Veneto Region that are in financial difficulty and currently AMCO’ debtors.
The above debt positions consist of UTP (Unlikely To Pay), managed by AMCO and originally owned by Banca Popolare di Vicenza and Veneto Banca.
As part of the partnership signed, Veneto Sviluppo will play the role of facilitator in the unlikely to pay that AMCO manages, leveraging its deep knowledge of the Veneto’s entrepreneurial fabric and the network of regional relationships, so as to support companies to repay the debt in a time and manner that does not compromise business continuity. Veneto Sviluppo will also be able to promote projects involving one or more debtors to carry out operations of an extraordinary and aggregative nature. AMCO and Veneto Sviluppo will thus be able to share information on certain debt positions in order to encourage the implementation of company recovery plans.
AMCO will evaluate selected new financing interventions, together with equity or semi-equity interventions by Veneto Sviluppo or other related financial entities.
In Veneto AMCO manages €2.1 billion of UTP corporate loans originated by the former Veneto banks relating to approximately 5,300 companies. As a result of recent transactions, total NPEs managed by AMCO in Veneto will rise to €7,3 billion;
“This new and very important collaboration with AMCO – is the comment of Fabrizio Spagna, President of the Veneto Sviluppo regional financial intermediary – will allow us to approach together, in the full interest of the regional entrepreneurial fabric, the debt positions of those virtuous companies in Veneto that need targeted interventions in order to be able to adapt the recovery plans to the needs of management and business continuity.
Working side by side with AMCO, there will also be the possibility to study the best ways to promote projects aimed at strengthening the equity of companies, also facilitating processes of aggregation, restructuring and development, so as to make smaller companies more financially efficient”.
“The partnership agreement with Veneto Sviluppo – added Marina Natale, CEO of AMCO – will support many processes of rebalancing the financial situation of companies in the Veneto region, thanks also to new financing if it is functional to this objective. AMCO is one of the main players in the Italian UTP market, which manages 56,000 corporate counterparties with an approach aimed at fostering the sustainability of the company and supporting worthy companies with the objective of continuity and industrial relaunch. In carrying out its activities, AMCO is therefore a partner to all stakeholders, with particular attention to safeguarding the workforce”.
 Data as at June 2020, including Banca Popolare di Bari and MPS transactions.
AMCO – Asset Management Company S.p.A.
AMCO is a full-service credit management company, fully owned by the Ministry of Economy and Finance. AMCO, a fast-growing company, is one of the main players in the management of NPE assets in Italy, with about €33 billion pro-forma assets under management (at June 2020) related to 244,000 counterparties, including €14 billion of Unlikely to Pay and Past Due related to 56,000 Italian companies.
AMCO oversees the entire process of non-performing loans management, with a model of fully integrated servicing, also with the involvement of qualified third-party partners. AMCO is a partner for all its stakeholders, with an approach aimed at corporates’ sustainability, also directly granting new lending to promote corporates’ business continuity and their industrial relaunch.
AMCO’s mission is to achieve high performance levels in NPEs management and pursue sustainable growth leveraging economies of scale. This aim is pursued through a management strategy diversified between NPLs and UTPs, a sound organizational structure and specialized professionals, a constant and accurate monitoring of asset management activities.
The company has 258 employees, located in 3 offices in Italy: Milan, Naples and Vicenza. These is also an office in Romania.
VENETO SVILUPPO S.p.A.
Veneto Sviluppo Spa, the regional financial intermediary, is an institutional player mainly focused on supporting Veneto’s entrepreneurial fabric by using several complementary tools to traditional credit. Direct assistance to SMEs is provided through the use of facilitating measures (regional revolving funds, credit guarantee and reinsurance funds, portfolio/tranched cover guarantees), via private debt tools and risk capital operations (private equity).