Fondo Temporaneo del Credito Cooperativo completes €345m NPL disposal to FBS

Fondo Temporaneo del Credito Cooperativo has finalised the pro-soluto sale of a non-performing loan (NPL) portfolio with a total gross book value of €345 million. The transaction relates to portfolios acquired between 2016 and 2017 as part of the consolidation and restructuring processes of the Italian cooperative credit system. The buyer is FBS S.p.A., acting through the securitisation vehicle Acero SPV S.r.l., in partnership with Clessidra Capital Credit SGR.

The operation represents a further step in the active management of distressed credits and the ongoing efficiency improvements within the cooperative banking sector.

In the context of the transaction, the Fondo Temporaneo del Credito Cooperativo was assisted by Hogan Lovells, with a team led by managing partner Italy Patrizio Messina and partner Annalisa Dentoni-Litta, including counsel Andrea Cicia and associate Giacomo Farinati.

FBS S.p.A. and its partners were represented by LCA Studio Legale, with partner Davide Valli and associate Giancarlo Aiello, and by PedersoliGattai, with partner Valentina Lattanzi and senior associate Mattia Valdinoci.