Banca Marche completes €127m portfolio sale to CRC
Italy’s bank Banca Marche has completed the sale of a non performing credit portfolio to private money management company Christofferson, Robb & Company (CRC).
The deal has been completed through an ad-hoc investment vehicle, Gemini Srl, for an overall value of €127m.
CRC invests in transactions that transfer the credit risk of banks’ core clients to funds that CRC manages directly.
The transactions enable banks to improve their Core Tier 1 capital ratios while reducing the capital costs of making new loans and most investments are done in to small and medium-sized enterprise loans, prime residential mortgages and counterparty exposure in Germany, Austria, Italy, Belgium, the Netherlands, France and emerging markets.