Breaking News
illimity and Apollo Announce Strategic Joint Venture for Credit Exposure
illimity Bank announces the entry into a binding head of terms to form a 50:50 joint venture (“JV”) with certain funds managed by Apollo Global Management Inc (“Apollo”) aimed at investing up to 500 million euro in single-name distressed credit exposure secured by real estate assets in Italy.
The JV, which will have an initial investment period of 2 years, with an option to extend, will pursue investments in NPL and UTP loans mainly secured by real estate assets and with a single price of up to 50 million euro.
The JV, which will have illimity and Apollo as 50:50 investors and with equal governance rights, also provides for the contribution by illimity of approximately 231 million euro of gross nominal value (“Gross Book Value” or “GBV”) of loans previously purchased by illimity, which is representative of part of the current special situation real estate investment portfolio of the Bank.
The JV will see the direct involvement of illimity’s Special Situations Real Estate teams and Apollo’s European Principal Finance teams.
The JV has selected Neprix srl (“neprix”), a company of the illimity Group set up to innovate the management of distressed corporate credit, as the sole special servicer for the management of the investments.
The transaction will be structured, and definitive agreements entered into, following the review of appropriate structuring considerations and subject to the satisfaction of certain customary conditions. The definitive agreements are expected to be entered into, and the transaction is expected to be completed, within the third quarter of 2021.
Andrea Clamer, Head of Distressed Credit & Servicing Division of illimity: “We are very proud to have entered into this 50/50 partnership with one of the main investors worldwide, which confirms illimity’s role as a primary player in the Italian non-performing loan market and its international recognition. The selection of neprix as sole special servicer accelerates the development of neprix’s third party servicing activities and is the recognition of the quality of the management of non-performing loans activities and of the success of the underlying business model”.
People In This Post
- Offa Joins Iress XPM and Trigold Read more
- Hardening Agentic Financial Networks: Token Intelligence and Identity Guardrails for Autonomous Systems Read more
- Getnet Develops Infrastructure That Enables Businesses to Accept AI Agent-Initiated Payments Read more
- Why Banking Modernisation is More Than Just a Technology Upgrade Read more
- Dojo Launches UK’s Most Advanced Payments Terminals, Set to Deliver Unrivalled Performance, Speed and Reliability for High Street Businesses Read more
Offa Joins Iress XPM and Trigold
Offa, an award-winning British Islamic property finance fintech firm, has announced it is partnering with Iress to make its halal home finance products available on Iress XPM and Trigold.
Getnet Develops Infrastructure That Enables Businesses to Accept AI Agent-Initiated Payments
Getnet continues to advance its agentic commerce strategy with the launch of new artificial intelligence-powered capabilities that enable merchants to securely and efficiently accept payments initiated by AI agents
Dojo Launches UK’s Most Advanced Payments Terminals, Set to Deliver Unrivalled Performance, Speed and Reliability for High Street Businesses
Dojo today unveils Dojo Go Max, its most advanced payment terminal yet, designed to help UK businesses take payments even more quickly, reliably and confidently when it matters most.
TCS Wins Multimillion-euro AI Powered Services Transformation Deal with Canada Life
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has signed a multiyear transformation and managed services agreement with Canada Life, a leading global life and pensions insurer. The partnership will support the modernisation of Canada Life’s IT infrastructure services across its European Businesses.
Telda and Mastercard Introduce Egypt’s Unified Financial Experience, Connecting Everyday Payments with Investment Access
Telda and Mastercard have joined forces to introduce a new integrated solution in Egypt, seamlessly connecting everyday payments and investment wallets within the Telda app, marking a major step toward a fully unified digital ecosystem.
Blnk Raises $37m to Deepen Point of Sale Credit for Consumers in Egypt
Blnk, a fintech company on a mission to enable financial inclusion through rapid point-of-sale financing, has raised $12.5 million in equity funding and $24.6 million in local debt facilities. The funding will scale its consumer finance operations in Egypt, with a focus on onboarding women and the underbanked, by offering flexible loan sizes for a wider range of products and services.
Interswitch Partners with Temenos to Scale Digital Banking Services Across Africa
Temenos (SIX: TEMN), a global leader in banking technology, and Interswitch Group, a leading integrated payments and digital commerce company in Africa, today announced a collaboration, wherein Interswitch will adopt Temenos technology to enhance its digital banking capabilities, supporting its growth and expanding access to modern financial services across the continent.
Offa Joins Iress XPM and Trigold
Offa, an award-winning British Islamic property finance fintech firm, has announced it is partnering with Iress to make its halal home finance products available on Iress XPM and Trigold.
Hardening Agentic Financial Networks: Token Intelligence and Identity Guardrails for Autonomous Systems
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Getnet Develops Infrastructure That Enables Businesses to Accept AI Agent-Initiated Payments
Getnet continues to advance its agentic commerce strategy with the launch of new artificial intelligence-powered capabilities that enable merchants to securely and efficiently accept payments initiated by AI agents
Why Banking Modernisation is More Than Just a Technology Upgrade
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Dojo Launches UK’s Most Advanced Payments Terminals, Set to Deliver Unrivalled Performance, Speed and Reliability for High Street Businesses
Dojo today unveils Dojo Go Max, its most advanced payment terminal yet, designed to help UK businesses take payments even more quickly, reliably and confidently when it matters most.
TCS Wins Multimillion-euro AI Powered Services Transformation Deal with Canada Life
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has signed a multiyear transformation and managed services agreement with Canada Life, a leading global life and pensions insurer. The partnership will support the modernisation of Canada Life’s IT infrastructure services across its European Businesses.
Telda and Mastercard Introduce Egypt’s Unified Financial Experience, Connecting Everyday Payments with Investment Access
Telda and Mastercard have joined forces to introduce a new integrated solution in Egypt, seamlessly connecting everyday payments and investment wallets within the Telda app, marking a major step toward a fully unified digital ecosystem.