MILAN, Might 22 (Reuters) – Mediobanca (MDBI.MI) on Monday stated it has agreed to promote its dangerous mortgage acquisition unit for 100 million euros ($110 million), as Italy’s main funding financial institution focuses on capital-light companies forward of unveiling a brand new three-year technique.
Banca IFIS (IF.MI) agreed to purchase Revalea, a unit Mediobanca arrange final yr by separating buying from administration of dangerous money owed. Mediobanca will proceed to function the latter by means of its MBCredit Options unit.
It was the second deal introduced by Mediobanca in days because it prepares to current a brand new marketing strategy by means of 2026 on Wednesday.
Final week’s acquisition of tech advisory agency Arma Companions and Monday’s sale of Revalea each match with a aim of investing in companies that require much less capital to be deployed in opposition to such operations.
“This settlement is per our intention to extend publicity to capital-lighter and better fee-generating companies, in accordance with our customary prudent strategy to danger taking and administration,” Mediobanca CEO Alberto Nagel stated.
Revalea, with a workers of twenty-two, holds 6.8 billion euros in unsecured dangerous loans, which have a internet e book worth (NBV) of 256 million euros.
Mediobanca didn’t disclose the impression on earnings which is unfavorable, given a promoting value beneath the NBV. Nevertheless, by liberating the financial institution of dangerous loans, the deal will add round 10 foundation factors to core capital, it stated.
Below a newly signed partnership, MBCredit Options will work on recovering dangerous money owed on IFIS’ behalf as properly.
IFIS and Mediobanca have additionally signed an accord over future flows of impaired loans from Mediobanca’s shopper credit score arm, Compass.
The acquisition will permit IFIS to attain a foul mortgage buy goal of 30 billion euros in gross phrases and 1.8 billion internet set out below its 2022-2024 plan.
The deal, which ought to shut by the tip of the yr, can have a unfavorable 40 foundation level impression on its core capital.(
$1 = 0.9084 euros)
Reporting by Valentina Za; enhancing by Jason Neely
Our Requirements: The Thomson Reuters Belief Rules.
