NEW SERVICING AGREEMENT WITH ICCREA BANCA FOR APPROXIMATELY EURO 2 BILLION
Rome, August 4, 2020 – doValue S.p.A. (the “Company”, “doValue” or the “Group”) wishes to announce that it has reached a new agreement with Iccrea Banca (parent company of Iccrea Cooperative Banking Group), already a client to the Company, for the management by doValue, as Special and Master servicer, of a portfolio of non-performing loans worth approximately 2 billion euro (gross book value), of which approximately 0.4 billion euro already under management. The agreement also includes the provision of data quality services. The portfolio, which is expected to be securitized according to Italian Law 130/99, is characterized by the prevalence of secured positions with real estate guarantee, originated by various Cooperative Banks and
other banking institutions.
For the loans part of the agreement, it is expected that Iccrea Banca will consider requesting the securitization guarantee by the Italian State according to Italian Law D.L. 18/2016 (GACS). The closing of the transaction is expected by the end of 2020. With this agreement, the total amount of new servicing mandates awarded to doValue by banks and investors so far in 2020 reaches approximately 5 billion euro, confirming the positive dynamic of the loan
and real estate servicing market in Southern Europe. Additionally, forward flow agreements for the management of newly generated non-performing loans by Unicredit, Santander, Alpha Bank and Eurobank produced 2.8 billion euro of new assets under management over the same period, for a total of
approximately 7.8 billion euro.
doValue, formerly doBank S.p.A., is the leading operator in Southern Europe in credit management and real estate services for banks and investors. Present in Italy, Spain, Portugal, Greece and Cyprus, doValue has some 20 years of industry experience and manages assets of more than €130 billion (gross book
value) with over 2,350 employees and an integrated range of services: special servicing of NPLs, UTPs, early arrears and performing positions, real estate servicing, master servicing, data processing and provision and other ancillary services. doValue is listed on the Electronic Stock Market (Mercato Telematico Azionario) operated by Borsa Italiana S.p.A. and, including the acquisition of Altamira Asset Management, recorded gross revenues in 2019 of about €364 million with an EBITDA margin of 39%.
Simona Raffaelli – Emilia Pezzini
Investor Relations – doValue S.p.A.