Banco BPM will merge with Credit Agricole to create the second largest banking group in the country. After a series of rumors circulated by the messenger, the news has been confirmed by Corriere della Sera according to which the negotiations would be so advanced that it has also identified the governance of the new group in which Giuseppe Castagna would become CEO and Giampiero Maioli president. Article in Italian
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J-Invest successfully completed a securitization of an NPL portfolio with a total gross value of €89 million. Founded in 2008, J-Invest’s objective is to achieve high returns mainly through the acquisition without recourse and the management of NPLs admitted to bankruptcy proceedings. Article in Italian
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Illimity Bank S.p.A. announced in a press release the finalisation of the purchase of a portfolio of Non Performing receivables from Unicredit. The gross book value (GBV) of the transaction is approximately Euro 692 million and the type of receivables involved includes only corporate counterparties, guaranteed by real estate.
Intrum has released preliminary results for the third quarter should be substantially above the consensus of analysts, as published on the company’s website. The adjusted preliminary EBIT for the third quarter is SEK 1,687 million, which corresponds to an increase of 25% compared to the second quarter.
The deadline for suspending the activities of the Collection Agents expired on October 15, but the demands of taxpayers severely affected by the serious economic and liquidity crisis dictated by Covid 19 seem to have been heard by the Government that with the new decree issued on October 18 late in the evening gave back a breath of fresh air, extending again the period of ‘fiscal peace’. The resumption of the activity of the collection agents is now set, unless further extensions due to the resumption of the current pandemic, to January 1, 2021.
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