SERVICING MANDATE IN CYPRUS FOR €2.2 BILLION
Rome, May 27th, 2022 - doValue S.p.A. ("doValue", or the "Company", or the "Group") is pleased to announce the signing of a memorandum of understanding ("MoU") with an affiliate of Cerberus Capital Management ("Cerberus"), a global leader in alternative investing, for the exclusive management of a portfolio of non-performing loans originated in Cyprus with a Gross Book Value of approximately €2.2 billion ("Project Sky").
The MoU has been executed by doValue's subsidiary Altamira Asset Management Cyprus. The Gross Book
Value related to Project Sky was already included in the new Gross Book Value secured in 2022 YTD mentioned in the Q1 2022 results presented to the market on May 13th, 2022.
The portfolio related to Project Sky was originated by Alpha Bank Cyprus and is comprised of secured Corporate, SME and Retail loans related to more than 7,000 debtors. In the first part of 2021, Alpha Bank decided to sell the portfolio, and in February 2022 it reached an agreement with Cerberus for the disposal (with closing expected by end of 2022, subject to regulatory approvals). doValue will assume the servicing of the portfolio from closing until the portfolio run-off, whilst assisting with the interim management of the portfolio until closing.
With Project Sky, doValue further diversifies its business, by bringing onboard Cerberus as a new client.
Project Sky is an important step for doValue in the Hellenic Region, a key component of the Business Plan
2022-2024 presented on January 26th, 2022, and it follows the awarding of Project Neptune (€500 million), Project Frontier (€5.7 billion), Project Mexico (€3.2 billion), Project Icon (€2.8 billion) and Project Marina
(€650 million). The total amount of GBV awarded in the Hellenic Region by the Group since the acquisition
of FPS in 2020 stands at a more than €15 billion.
doValue is the main operator in Southern Europe in the field of credit and real estate management for banks and investors. With more than 20 years of experience and approximately €150 billion of assets under management (Gross Book Value) across Italy, Spain, Portugal, Greece and Cyprus, doValue Group's activities contribute to the economic growth by promoting the sustainable development of the financial system. With its 3,200 employees, doValue offers an integrated range of services: servicing of Non- Performing Loans (NPL), Unlikely To Pay (UTP), Early Arrears, and performing credit, real estate servicing, master servicing, data processing and other ancillary services for credit management. The shares of doValue are listed on Euronext Milan (EXM) and, in 2021, the Group reported Gross Revenues of approximately €572 million and EBITDA excluding non-recurring items of approximately €201 million.
Raffaella Casula (+39 348 306 7877)
Giusy Martina Fusco (+39 335 1849341)
+39 02 83460127
doValue S.p.A. published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by, unedited and unaltered, on 27 May 2022 04:38:16 UTC.