doBank gets the go-ahead from the Bank of Italy and acquires Italfondiario
doBank and Italfondiario constitute the largest independent banking group ("Group") specialising in loan management for the Italian banks, with a value of €83 billion Euro of managed loans (Gross Book Value).
Giovanni Castellaneta states: "The creation of this banking Group is a major landmark in the growth process of doBank, consolidating its leadership position in Italy and its role as partner of choice for the Country's banking system".
Rome, November 2, 2016 - doBank announces that it has received official approval from the Bank of Italy to proceed with the acquisition of Italfondiario S.p.A. ("Italfondiario"), the second largest independent servicer in Italy.
Together, doBank and Italfondiario constitute the largest independent banking group in Italy ("Group") specialising in performing and non-performing loan management services, with €83 billion Euro of managed loans and over 4,000 professionals, including employees and external associates operating out of 24 offices in Italy and hubs located in Verona, Rome and Milan.
The Group specialises in the outsourced management of performing and non-performing financial and commercial loans, the assessment and management of real estate NPLs, debt collection, preservation and processing and the provision of business information. doBank will be the Group flagship company.
"The establishment of the banking Group", states doBank Chairman Giovanni Castellaneta, is an important landmark along the path of consistent growth for doBank and therefore consolidates the bank's leadership position in the Italian banking market".
"This transaction" continued Castellaneta "will enable us to enhance the complementarity of the various companies, which will retain their respective identities but will be able to pool their distinctive know-how and skills so as to operate even more effectively with a view to developing customised, organic collaboration models with the Italian banks. doBank and Italfondiario will be able to generate some important synergies, thereby freeing up additional resources to support the development of the ever more innovative and sophisticated technological platforms required in order to ensure maximum efficiency and precision in the management of problematic loans".
"For almost a decade" concludes the Chairman of doBank "both our Bank and Italfondiario have received top market ratings from S&P and Fitch, which is proof of the solidity and reliability of the services offered.
