The strategic partnership between Intrum and Intesa Sanpaolo has brought multiple benefits – a healthier balance sheet, improved servicing and attractive long-term returns.
The merger of Intesa Sanpaolo’s non-performing loan recovery function with Intrum’s Italian operations has created the leading servicer of its kind in Italy. The joint venture has around €40bn of loans under management and Intesa retains a large minority stake in both the platform and the portfolio.
Intrum and Intesa agreed a ten-year exclusive servicing agreement for existing and new portfolios. As part of the deal, we also took over 600 of the bank’s employees, combining them with our 400-strong workforce in Italy.
Together with co-investor CarVal, the joint venture has acquired a €12bn GBV portfolio of non-performing loans. The structure of the long-term partnership will allow Intesa to benefit from attractive returns as well as improving its own balance sheet position and servicing.
Intrum was delighted to complete this complex transaction in a short period of time. The partnership has allowed the bank to address its strategic objectives and demonstrates Intrum’s commitment to an important market.
As a market-leading credit management company, Intrum has wide-ranging expertise in debt collection services, and we do business in 24 countries in Europe plus Latin America (Brazil). We have more than 10,000 experienced employees in our group.