According to plan, Intrum and Intesa Sanpaolo have closed the agreement regarding the establishment of a market leading servicer of non-performing loans (NPLs) in Italy, which was signed on 17 April 2018.
The servicing platform, Intrum Italy, is majority owned by Intrum with Intesa Sanpaolo retaining a 49% minority equity stake. Together with the establishment of the platform Intesa Sanpaolo divested a >€10bn nominal value NPL portfolio which Intrum has taken a 41% minority equity stake in and which will be serviced by Intrum Italy. The combined investment level for both parts of the agreement is more than €600m, as previously communicated.
- The closing of this agreement ensures we are at full strength in Italy.
We look forward to further developing this long-term partnership in the strategically important Italian market, said Mikael Ericson, President and CEO of Intrum.
For further information, please see details published in our Q3 presentation or contact:
Thomas Moss, Group Business Control and Investor Relations Director,
tel: +46 8 546 102 02
Louise Bergström, Head of Investor Relations, tel: +46 8 546 103 42