(Alliance News) - doValue Spa on Wednesday announced that the Efesto Fund -- managed by Finint Investments SGR and whose servicer is doNext -- has received confirmation to the commitment of additional contributions of more than EUR400 million from a leading Italian bank.
The completion of these contributions is, as of today, subject to the fulfillment of certain standard conditions for transactions of this nature and is expected by the second quarter of 2023.
Created in 2020, the Efesto Fund is one of doValue's main initiatives for the UTP asset class in Italy, known as "Unlikely to Pay."
To date, and including these latest commitments, the Efesto Fund has reached approximately EUR1.8 billion in UTP contributions from nearly 20 participating banks in Italy.
"The Efesto Fund is focused on the revitalization of SMEs and real estate assets with turnaround potential, and also consumer and leasing exposures, allowing banks to deconsolidate the related assets doNext, in coordination with specialized investors, is also able to provide new finance to borrower clients so as to improve their financial sustainability," reads the released note.
With the latest events, the doValue Group confirms that it is at the forefront of the UTP segment, particularly in terms of the scope of its servicing capabilities.
doValue closed Tuesday's session in the green by 0.5 percent at EUR7.51 per share.
By Maurizio Carta, Alliance News reporter
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