White & Case Advises UniCredit on €155 Million Sale of Three NPL Portfolios to IFIS NPL
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Global law firm White & Case LLP has advised UniCredit's Group Legal NPE Team and Group Distressed Asset Management Team on the disposal of a non-performing unsecured individual Italian credit portfolio on a non-recourse basis (pro-soluto) to IFIS NPL S.p.A., company subject to direction and coordination by Banca IFIS S.p.A.
The portfolios consist entirely of Italian unsecured individual credits, including Salary Backed Loans with a claim value of approximately €155 million.
In addition to the sale of these portfolios, UniCredit and IFIS NPL have also concluded a framework agreement for the sale of non-performing loans arising from consumer credit contracts for which UniCredit will be the owner to the end of 2020 for an indicative amount of approximately €180 million, of which €30 million has already been transferred to IFIS NPL.
The White & Case team in Milan which advised the transaction comprised partner Gianluca Fanti, local partner Francesco Scebba and associate Rocco De Nicola.
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