Today BHW Bausparkasse AG – Italian branch (“BHW-IT”), headquartered in Bolzano, part of the German banking group BHW Bausparkasse AG (“BHW”), in turn part of the German banking group Deutsche Postbank AG), and Cerved Credit Management Group, subsidiary of Cerved Information Solutions S.p.A. (together with its subsidiaries “Cerved”; CERV:IM) – parent holding company of Cerved Group SpA, the largest information provider and credit servicer in Italy – have finalised an agreement to extend their long-term industrial partnership for the management of non-performing loans in order to include also support and administrative activities (accounting, legal, claims, signaling and reporting) on a portfolio of performing, sub-performing and non-performing loans for approximately 1.5 billion Euros.
Today’s agreement, effective from 1st July 2017, follows the industrial partnership entered into by BHW-IT and Cerved on 31 March 2016, in which BHW-IT outsourced to Cerved the servicing of a non-performing loans portfolio of 230 million Euros of BHW-IT, together with the future inflows of non-performing loans. Last year’s partnership also coincided with the closing of the disposal by BHW-IT of its branch which manages non-performing loans and which is referred to as “Injunctions and Executions”, with such branch being acquired by Cerved.
Cerved has been assisted for the legal aspects of the transaction by Gattai, Minoli, Agostinelli & Partners and, in particular, by partner Sebastiano Cassani and associate Andrea Mossa for the corporate aspects; for the structured finance aspects by a team composed by partner Emanuela Campari Bernacchi and senior associate Valentina Lattanzi; for the labour aspects by partner Lorenzo Cairo and associate Federica Ferretti; finally, for the tax aspects, by associate Alban Zaimaj.
BHW-IT’s legal department, led by Gaetano Lattanzi, has been assisted by Gitti and Partners (Norman Pepe), Stenger LLP (Roland Arlt) and Hager & Partners (Richard Burchia).