MBCredit Solutions, a subsidiary of Mediobanca, has acquired €600m worth of unsecured bad loans from Italian lender Intesa Sanpaolo, for an undisclosed sum.
The portfolio, dubbed Sherazade, comprises 65,000 positions deriving from consumer credit contracts, salary-and pension-backed finance as well as credit cards.
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The acquired portfolio takes the overall non-performing loans managed by MBCredit Solutions to around €3.5bn.
MBCredit Solutions CEO Francesco Barelli Terrizzi said: “This agreement confirms MBCredit Solutions’ credentials as a credible and reliable partner for Italian banks in developing solutions to manage and valorize non-performing exposures from an industrial standpoint which is sustainable over the long term.”
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