Cherry Bank acquires a new 37 million euro NPL portfolio on the secondary market through Prelios Innovation’s BlinkS digital platform. In a new competitive process, Cherry Bank, a bank specializing in the generation of value, from the offering of solutions supporting enterprises to the investment and transformation of NPL portfolios and the acquisition of tax credits, has been awarded an additional portfolio of corporate unsecured loans worth a gross amount of about 37 million euro, corresponding to over 300 debt positions.
“We are particularly happy with the completion of this operation, in view of Cherry Bank’s standing as a primary player on the market,” said Prelios Innovation CEO Gabriella Breno. “This is Cherry Bank’s third transaction on our platform, offering further confirmation that BlinkS sets the standard on Italy’s non-performing loans market, managing and finalizing transactions on a variety of scales in all asset classes on the primary and secondary markets.” Gabriella Breno added: “The year 2023 has begun with growing numbers, especially on the secondary markets, but we are also awaiting the publication of a number of important portfolios by banks. We have a significant pipeline on the distressed loans market, as well as new initiatives such as invoice trading, transfers of defaulting trade receivables, and pure real estate transactions on BlinkS Real Estate.”
With this transaction, the proprietary NPL portfolios Cherry Bank has purchased on the market have now reached a total face value of 4 billion euro. Laura Gasparini, Head of Market & Investments, said: “Cherry Bank’s acquisition of a new portfolio of non-performing loans demonstrates our commitment to seeking out new investment opportunities on the NPL market, however small. In today’s increasingly competitive market, it is essential to use new technologies even during the acquisition phase, turning to marketplace platforms such as BlinkS, through which we have realized investment opportunities in the secondary market, a field where we lead the way in the unsecured loans segment.” Cherry Bank, Laura Gasparini added, “continues to monitor the evolution of the NPL business and explore new investment opportunities with the aid of advanced technologies, leveraging its highly specialized in-house know-how and the strong relational component that has been acknowledged by the market.”
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