Prelios Innovation: sale of an NPL portfolio with a GBV of 30+ million euro on the BlinkS digital platform

Milan, May 14, 2020 Prelios Innovation today announced the completion of an NPL portfolio sale transaction on BlinkS, the digital platform developed by the Prelios Group for distressed loan trading.

The transaction referred to a largely secured portfolio with a gross book value (GBV) of more than 30 million euro arising from portfolios with Italian State GACS securitization managed by the Prelios Group.

“We are very proud of this result,” said Gabriella Breno, CEO of Prelios Innovation, the Prelios Group Fintech company. “The entire sale process took place at a very singular time for our country, and once again technology played a decisive role.” In the first four months of the year, despite the severe restrictions on movement, “the number of buyers and sellers on the BlinkS digital platform continued to grow,” Breno noted. “Portfolios for an overall GBV of more than two hundred million euro have been published on the platform. This reflects the need for efficiency, transparency and contained costs on loan sales, particularly in the present circumstances.”

“Our recent meetings with the EBA, the ECB and the European Commission confirm regulators’ interest in the development of NPL platforms and technological innovation, which, as we have seen, plays an increasingly essential role in every work environment,” added the Prelios Innovation CEO. “Furthermore, we should not underestimate the probable arrival on the Italian market of other transactions backed by the Italian State's GACS securitization guarantee as the secondary NPL market expands, as well as the extension of this type of transaction to other European markets such as Greece with the Hercules Project. Finally, we need to ensure that sales become ‘routine’ operations. In all of this, the BlinkS platform is a perfect instrument and confirms the success of the Prelios Group’s move into Fintech and digitalization of NPE-related processes.”

Gabriella Breno ended by observing that “portfolios with a GBV of more than 100 million euro are already being put together and will be published on BlinkS in the next few weeks. The loans arise in part from GACS portfolios for which sale is an increasingly proactive credit management tool, enabling servicers to mitigate the impact of the Covid-19 emergency on transaction performance and provide guarantees for all stakeholders, including the Italian State.”