Global law firm Hogan Lovells has advised Fondo Temporaneo del Credito Cooperativo – an institutional consortium established pursuant to Article 2-bis of Law No. 49/2016 on the initiative of Federcasse and comprising all Italian cooperative banks (Banche di Credito Cooperativo, Casse Rurali and Casse Raiffeisen) – on the pro-soluto sale of a portfolio of non-performing loans with a GBV of €345 million, originally acquired between 2016 and 2017 in the context of consolidation and restructuring processes within the Italian cooperative banking system.
The portfolios were acquired by FBS S.p.A., a leading player in the sector, specialised in the management and recovery of distressed and non-performing loans, through the securitisation vehicle Acero SPV S.r.l., in partnership with Clessidra Capital Credit SGR, active in private equity, factoring and related business areas.
The transaction forms part of a broader process aimed at rationalising the safety net of the Italian cooperative banking system, which over the past decade has led to the establishment of two national cooperative banking groups – BCC Iccrea and Cassa Centrale – as well as an institutional protection scheme among the South Tyrolean Raiffeisen banks, and the strengthening of the Cooperative Credit Depositors’ Guarantee Fund, as a common protection mechanism covering more than €125 billion in customer deposits.
The Hogan Lovells team that advised on the transaction was led by managing partner Italy Patrizio Messina and partner Annalisa Dentoni-Litta and included counsel Andrea Cicia and associate Giacomo Farinati.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.
