Press releases
doBank: agreement with Banca Carige for the management of a Portfolio worth euro 0.3 Billion
19
December
2018
doBank: agreement with Banca Carige for the management of a Portfolio worth euro 0.3 Billion
Verona, 18 December 2018 – doBank S.p.A. (“doBank” o “the Company”) reports that it has signed an agreement with Banca Carige (“Carige”) based on which doBank, through Italfondiario, has been assigned the management, as special servicer, of a portfolio of bad loans worth around Euro 0.3 billion (gross book value).
The assets covered by the agreement are part of the bad loans securitization “Riviera NPL”, totaling around € 1 billion, and it is expected that Carige, the originator of the loans, will initiate the process to request the “GACS” state guarantee on the senior tranche of the securitization.
The agreement marks the first mandate awarded by Carige to doBank, owing to its proven track record in securitization transactions and its servicer rating profile, both at the highest levels in Italy and clear competitive advantages. These factors made doBank the ideal partner for the positive outcome of the transaction. It is expected that the on-boarding of the portfolio by doBank will be completed during the first quarter of 2019.
Verona, 18 December 2018 – doBank S.p.A. (“doBank” o “the Company”) reports that it has signed an agreement with Banca Carige (“Carige”) based on which doBank, through Italfondiario, has been assigned the management, as special servicer, of a portfolio of bad loans worth around Euro 0.3 billion (gross book value).
The assets covered by the agreement are part of the bad loans securitization “Riviera NPL”, totaling around € 1 billion, and it is expected that Carige, the originator of the loans, will initiate the process to request the “GACS” state guarantee on the senior tranche of the securitization.
The agreement marks the first mandate awarded by Carige to doBank, owing to its proven track record in securitization transactions and its servicer rating profile, both at the highest levels in Italy and clear competitive advantages. These factors made doBank the ideal partner for the positive outcome of the transaction. It is expected that the on-boarding of the portfolio by doBank will be completed during the first quarter of 2019.
