Credito Lombardo Veneto Completes 600 Million Euro NPL Securitisation

Credito Lombardo Veneto has completed a securitization of non-performing loans with a gross nominal value of approximately 600 million euros, marking a strategic push into structured finance and investment banking.

The Sapa Spv Srl Structure and Tranche Breakdown

The transaction involves a portfolio consisting primarily of individual non-performing loans originating from banking and financial relationships, according to reporting by ilsole24ore.com.

The deal was structured through Sapa Spv Srl, a special purpose vehicle that acquired the portfolio from Saphira Spv Srl. The financial framework involves issuing asset-backed securities across multiple classes.

Credito Lombardo Veneto subscribed to the senior tranche, while Ar Holding Spa covered the junior tranche alongside a minority stake held by the bank itself acting as risk retainer.

Industrial Execution and A-Zeta Srl Servicing Role

Industrial execution for the portfolio is anchored by A-Zeta Srl, which has taken on the role of special servicer. The firm holds operational responsibility for managing, valorizing, and recovering the underlying credit stock.

This secondary market intervention is designed to widen the bank’s operational scope in complex financing operations as outlined in its industrial plan.

Paolo Gesa on Investment Banking and Structured Finance

Chief Executive Officer Paolo Gesa stated that the maneuver confirms the institution’s ambition to develop as a bank capable of pairing traditional lending activities with a significant component of investment banking and structured finance.

Gesa noted that the secondary Npl market represents a segment of specific interest where the bank intends to continue investing competencies and resources via partnerships with qualified industrial operators like A-Zeta.