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.
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