MBCredit Solutions acquires €450m in NPL from UniCredit

MBCredit Solutions
16 June 2017

MBCredit Solutions has acquired a portfolio of unsecured retail loans from UniCredit, for a nominal value of approx. €310m, and has signed an agreement to acquire a further €140m of the same type, which have originated in the course of 2017, for a total nominal value of approx. €450m. The portfolio consist of 50,000 non-performing positions in respect of consumer credit contracts, credit cards and current accounts executed by UniCredit.

MBCredit Solutions was able to value the portfolio on the back of its ten years’ experience in managing portfolios with similar characteristics. Future collections were estimated based on historical performance, and integrated with the results obtained through the use of the new recovery model. MBCredit Solutions will use its own scoring models for the acquired portfolio, identifying like-for-like clusters – by geographical area, product, age of account, recovery probability score – to which the “multi-network model” will be applied, leveraging on both its direct collection network and third-party operators specializing in each separate asset class.

Francesco Barelli Terrizzi, CEO of MBCredit Solutions, said: “Just a few weeks after the last transaction, we are very happy to have completed the purchase of another portfolio in the unsecured retail segment from UniCredit. This deal strengthens MBCS’ position on the NPL market, as an Italian partner, structured and industrially able to construct an alternative pathway for non-performing loans which can generate value for all stakeholders.”.

The deal announced today follows on from the purchases made in recent months in which Banco Desio, Banca Popolare di Spoleto and Unicredit Leasing were the counterparties.

As a result of the above transactions, the portfolio of non-performing loans owned by MBCredit Solutions now consists of approx. 500,000 positions and has a total nominal value of approx. €3bn.

For the legal side of the transaction MBCredit Solutions was assisted by Gattai, Minoli, Agostinelli & Partners.

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