Cherry Bank - a bank specializing in the generation of value, from the offering of solutions supporting enterprises to investment and transformation of NPL portfolios to the acquisition of tax credits - has, in a new competitive process, been awarded an additional portfolio of corporate unsecured loans worth a total of about 37 million euro, corresponding to over 300 debts. The proprietary NPL portfolios the Bank has purchased on the market now reach a total face value of 4 billion euro.
The purchase took place over the BlinkS platform, a digital marketplace developed by Prelios Innovation, the Prelios Group’s fintech company, a leader in Italy in the trading of financial and commercial non-performing loans and transfer of illiquid assets, including real estate.
Cherry Bank’s Head of Market & Investments Laura Gasparini comments: "Cherry Bank's acquisition of a new portfolio of non-performing loans demonstrates the Bank’s 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. The Bank 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.”
Prelios Innovation CEO Gabriella Breno comments: “We are particularly happy with the completion of this operation, in view of Cherry Bank’s standing as a primary player on the market. This is the 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. The year 2023 has begun with growing numbers, especially on the secondary markets, but we are also awaiting the banks’ publication of a number of important portfolios. We have a significant pipeline on the distressed loans market, as well as new initiatives such as invoice trading, involving transfer of defaulting trade receivables, and pure real estate transactions on BlinkS Real Estate.”