(Alliance News) - Banca Ifis Spa and Mediobanca Spa Group announced Tuesday that they have finalized the long-term partnership signed last May for the management of impaired loans.

Specifically, following the obtaining of the necessary regulatory regulatory approvals, Banca Ifis finalized the purchase from Mediobanca, for EUR100 million, of Revalea Spa, a company created in 2022 from the spin-off of NPLs arising from the acquisition of non-performing loan portfolios with a gross book value of EUR6.5 billion and net book value of EUR232.1 million.

"The transaction consolidates Banca Ifis' positioning as a key player in the market of impaired loans in the small tickets unsecured segment and allows Mediobanca to exit the NPL business, no longer among the group's core activities, while also consolidating MBCredit Solutions' specialization in management and recovery activities by being able to count on constant business volumes for the coming years," Ifis' note reads.

In fact, with the completion of the transaction, the multi-year servicing agreement under which MBCredit Solutions will continue to support Banca Ifis in the management as well as recovery activities of non-performing and impaired loans came into effect.

As part of the acquisition, 18 employees1 of Revalea will go on to strengthen the Banca Ifis group team.

Banca Ifis' stock closed Tuesday up 1.2 percent to EUR16.13 per share while Mediobanca's stock rose 2.0 percent to EUR11.27 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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