11 Feb 3° CVSPRINGDAY
NPL INVESTING & COLLECTION SUMMIT
The Italian NPL market and more generally the distressed debts and assets market is undergoing a period of great ferment.
if until recently, actors operating in this sector were only interested in portfolios, nowadays there is a growing trend towards platforms and servicers’ acquisitions.
The Italian market is proving to be increasingly complex and it differs in a significant way from other markets because of its peculiarities.
The NPL INVESTING & COLLECTION SUMMIT, through speeches, interviews, panel discussions and workshops, will analyse the most critical aspects related to portfolios’ transaction processes and servicing operations and it will try to provide a clear and complete overview of the current situation, in order to enable players and investors, especially from abroad, to take advantage, containing risks, of the huge opportunities offered by the Italian market.
After the presentation of the research results of the: « Monitoring Centre for the Italian Market NPLs and M&A Deals and Transactions », there will take place 3 different blocks, followed by a thematic workshop and various networking sessions.
Portfolios’ evaluation and sale process: how to complete a WIN-WIN transaction
At the various steps of a NPL sale transaction there are different aspects which could be improved : from the portfolio preparation to the target identification, from the due diligence process to the contractual phase.In this block there will take place a panel discussion amongst originators, investors and advisors, aimed at analysing the diffent aspects of a sale transaction and providing interesting contributions to conclude a WIN-WIN transaction, satisfying over the course of time, all the actors involved.
- Which are the main resistences preventing an originator from selling its own portfolios?
- How to negotiate a SPA that reduces closing timing and provides more guarantees to all the actors involved in the transaction, also in a long run?
- Which are the most useful information sets for an investor to evaluate a portfolio?
- Which are the most critical risk areas for an investor in the acquisition process?
Servicing: the key to success
Once the transaction is completed, it is up to the operations to make the investment profitable. Servicing activities represent the key “tools” for the success of the operation.
Over the last 24 months, acquisitions of existing Operations by international players have been growing. At the same time there are also important players which prefer to set up their own Operations and others which opt for full outsourcing approach.
In this block:
- Key players of the sector will present their own strategies and confront each other over diffent ways of approaching the Italian market
- Some of them will explain why they opted for the acquisition of existing Operations rather than set-ting up its own operation from scratch or having full outsourcing approach
Another element strictly related to the servicing and equally important to make an investment profitable is the management of the purchased assets.The complexity of portfolios and more generally the complexity of the Italian debt collection market re-quires the implementation of strategies, management and collection workflow systems very diversified.In this block, key players of the sector will confront each other over the most significant and crucial steps of this process:
- Data acquisition and management of the portfolios’ documentation from the originators post closing
- Skiptracing and investigations: limits, risks and opportunities
- Phone collection, field collection e judicial collection: how and when to use them
- The sub-servicers selection process
Filippo Aleotti, Investor e Chairman Vector WM SA
Mr. Aleotti is Chairman, Founder and Co-investor at Vector WM alternately asset management (Switzerland). Prior to that he was Founder, Senior Partner and Chairman at Investindustrial, Private Equity Fund (Uk), Executive Director and Co-owner at Air Dolomiti, leading regional airline operator (Italy), Founder and Shareholder, Chief Executive Officer at Akros Merchant, leading Italian Merchant Bank (Italy), Founder and Executive Director at First Atlantic Capital, Private Equity Fund launched and managed by Akros (USA) and Chief Execuve Officer at Gas Plus former Alfa Gas, Methane Gas distributor (Italy).
Mr. Aleotti took a Master of Business Administration at Bocconi University, and a BA in Civil Engineering at University of Bologna.
Gianni Amprino, C.E.O. at CSS
Having gained significant experience in one of the Big Five audit and consulting and he served as Head of Operational Management and office credit management for one of the most important leasing company and he was one of the founders of CSS S.p.A. in 1993 too. The company, which today is one of the major players in outsourcing debt collection, at the end of 2016 became part of Covisian Group, the third Italian player in the Business Process Outsourcing market.
Mr Amprino, as CEO, by the project development in the credit management sector through a comprehensive offering of services and solutions to respond to the growing complexity of the business, through the application of innovative technologies, process skills and strategies that enhance the talent of the people.
From May 2012 to May 2015 he served as President UNIREC and from June 2014 to February 2017 as President of the FORUM UNIREC-CONSUMATORI.
Corrado Angelelli, Partner of Freshfields Bruckhaus Deringer
Corrado Angelelli is a partner of the international law firm, Freshfields Bruckhaus Deringer. He is specialised in banking and finance law, having matured considerable experience in structured finance, acquisition finance and restructurings. He has several years of experience in the NPL banking sector, having worked on some of the very first NPL securitisations carried out by Italian banks during the period 1999 to 2002 and on the investments carried out by foreign investors in the most recent years. Corrado has been involved in most of the major NPL portfolio auctions launched over the last few years, and has completed transactions on both unsecured and secured loans.
Krzysztof Borusowsky, President of the Management Board BEST SA
He has many years of experience in a broadly range of financial services. As the Managing Director of Kouri Capital Poland Ltd. and BBH Capital Partners Sp. z o.o. he led M&A projects in the field of investment banking in the following institutions: Polsko-Amerykański Bank Hipoteczny S.A., BWR S.A., BWR Bank Secesyjny S.A. and Cuprum Bank S.A. In 2002, he successfully completed a project involving the development of a financial group around Dominet S.A., including the purchase of Cuprum Bank S.A. and the introduction of a financial investor from the Merrill Lynch Group. He worked as a consultant at Bain & Company in Boston (USA) and as a manager at Schroder Poland. He represented the State Treasury in the Supervisory Board of BPH S.A. until that bank’s privatisation. A graduate of Economics at the Catholic University of Lublin (KUL). Holds an MBA from Harvard Business School.
Andrea Clamer, Head of Npl Division Banca Ifis
Head of Banca IFIS’ Non-Performing Loans Division since 2012, he gained experience in major consulting companies in the banking and insurance sectors. In 2008 he joined Toscana Finanza, a company which was later acquired by Banca IFIS, where he became responsible for developing new markets. As well as Banca IFIS’s NPL Area, Andrea Clamer is Responsible for the brand CrediFamiglia. He has an MBA from SDA Bocconi with exchange in Esade Business School.
Massimo Famularo, Board Member Frontis NPL
Massimo Famularo is currently partner and head of the Italian NPLs operations at Distressed Technologies and board member at Frontis NPL.
With over 16 years of industry experience Max has previously worked at Algebris Investments (Director), Cariparma Credit Agricole (Head of NPL Group Department), Jupiter Finance (Portfolio Manager) Oliver Wyman (Senior Consultant) and Archon Group Italia/Goldman Sachs (portfolio analyst).
Since 2009 he is member of GLG Council. Massimo holds a BA in Economics with honors from Luiss University in Rome, has been winning solver of Innocentive Challenge: “Systems to Monitor Institutional Corruption” and has a Blog on FattoQuotidiano.it.
Raffale Faragò, C.E.O. at Centotrenta Servicing
Raffaele Faragò started his career in 2001 and began to devote himself mainly to the securitization sector.
He gained extensive experience on securitization transactions between 2001 and 2012, as Sole Director of Centotrenta Management Srl, by being directly engaged in all the activities relating to the roles in which the company was involved (Corporate Servicer, Calculation Agent, RON). Since 2011, as CEO of Centotrenta Servicing S.p.a., these skills were enriched by those linked to Servicing and FI regulation.
The current business manages, in the role of Master Servicer, secured and unsecured NPL loan portfolios (both financial and commercial), to allow constant improvement in different fields.
Barbara Florian, Senior Director Structured Finance
Barbara Florian is a Senior Director with Standard & Poor’s Milan office in the Structured Finance Department. She is Country Analytical Leader, responsible of the Structure Finance activity over Italy (new issuance and surveillance). Since joining S&P’s in August 2003, she has been involved in the rating
assignment of structure transactions in various asset classes (including mortgages, consumer and auto loans, leasing receivables, SME loans, covered bond, synthetic CDOs) and across different jurisdictions.
Before working with Standard & Poor’s, she worked for Merrill Lynch in London and Milan in the department of sales of fixed income products. Barbara holds a Degree in Business Admninistration from “Università Commerciale Luigi Bocconi” in Milan.
Matteo Gervasio, Managing Director Italy Grove Capital Management
Prior to joining Grove Capital Management (part of Encore Capital Group) Matteo spent 3 years as Acquisition Director Italy and Germany at PRA Group, where he was responsible to engage with sellers and drive the deal process as well as supporting the growth of the operational platform in Italy. Before that Matteo was in charge of the portfolio management and reporting functions within the risk division at a leading Austrian bank. He also has 3 years experience in credit risk at a leading European bank where he supported the implementation of a Basel II compliant framework for the Italian franchise. Matteo graduated with a MSc in Management, Economic and Industrial Engineering from Politecnico di Milano.
Claudio Manetti, C.E.O. at Fire
Master’s Degree in Political Sciences (Economy Path) at the University of Torino, he was member of the Evaluation Group for Investments in Public Works of the Fund for Investments and Employment, established by the Ministry of Budget at the Region Piemonte. He has a long established experience within the Fiat Group, where he started his career in 1986 within the Marketing Division of Sava Leasing. He filled different positions within Fiat Sava and in 1999 he became responsible for Customer Relationship Management, including credit collection activities.
In 2007 he moved to Fiat Group Automobiles Financial Services (now known as FCA Bank) as Marketing & Sales responsible for the new joint venture between Fiat and Credit Agricole.
From 2008 to 2011 he was Credit & Customer Manager at FGA Capital for the Italian Market. Starting from 2011 he was CEO and General Manager at Leasys S.p.A., FCA Bank’s long rental company.
He’s CEO of Fire since November 2015.
Andrea Mignanelli, Founder and C.E.O. Cerved Credit Management
Andrea Mignanelli is the CEO of Cerved Credit Management, the leading Italian player in non performing loans and assets management (over € 14 Billion under management).
A former partner of McKinsey & Company, Andrea has developed an international experience on the Credit and NPL sector advising banks and specialized operators in Italy and other European countries.
Prior to that, Andrea has worked for General Electric as a financial analyst, mainly in the US and UK.
Andrea holds a degree in Corporate Finance at Bocconi University – Milan and a Master in Business Administration at INSEAD – Paris.
Marcello Minenna, Director of the Quantitative Analysis Unit Consob
Marcello Minenna, in Consob from 1996, is Director of the Quantitative Analysis Unit. Adjunct Professor of Stochastic Finance at London Graduate School of Mathematical Finance and at Luigi Bocconi University of Milan He is the economic and financial columnist of leading national and international publications. He teaches advanced courses in quantitative finance for the industry in major international financial centers. Key-note speaker in various forums and international conferences of finance and economics He works as a technical consultant on behalf of various judicial authorities in the field of financial markets, financial engineering, pricing and risk measurement of derivatives and structured products. It’s Chartered Tax Advisor Accountant and Chartered Accountant, Former member of the Technical Secretariat of the Special Commissioner of Roma Capitale and Assessor for budgeting, real estate, housing policies, subsidiaries and spending review of Roma Capitale.
Benedetto Mischi, Asset Manager in the Credit Team AnaCap Financial Partners
Mr. Mischi joined AnaCap in 2016 and is an Asset Manager in the Credit Team, where he is currently responsible for servicer due diligence and selection, implementation of servicing strategies and on-going engagement with servicing partners on portfolio investments.
Prior to joining AnaCap, Mr. Mischi was a director in Hatfield Philips International (now Situs Group) in the NPL Advisory team, focusing on underwriting and special servicing of pan-European NPL portfolios. Prior to this, Mr. Mischi worked in the Real Estate Asset Management team in Prelios, and in the Private Banking team in Banca San Paolo (part of Intesa Group).
Mr. Mischi holds a bachelor of Business Administration from the Universita’ Bocconi of Milan, Italy, and Honors Business Administration from Ivey Business School, University of Western Ontario.
Marco Monselesan, Head of Business Development Prelios
Marco joined Prelios in September 2014 and currently holds the position of Head of Business Development in Prelios Credit Servicing.
He has over 12 years of experience in the real estate sector where he focused on NPLs, mainly secured, thus gaining a wide experience both as investor and as service provider.
From 2010 to mid-2014 he worked as both Sales Manager at FBS Real Estate, a company of the FBS Group that operates as a captive structure for real estate operations supporting legal actions aimed at recovering the mortgages managed by the parent company, and as real estate advisor for major institutional clients.
From 2007 to 2009 he held the positions of key commercial account at Pirelli RE Agency, where he coordinated the disposition process of non residential assets held by some of the main funds and vehicles managed by the SGR of the Pirelli RE Group, and key account for international customers in the Group JV with Knight Frank. From 2004 to 2007 he worked as asset manager at Fin Service and Blue Skye Italia – the operating branch of the US speculative investment fund DB Zwirn – that had established a joint venture aimed at the acquisition and subsequent securitization of secured NPL portfolios in the Italian market.
From 2002 to 2003 he was in charge of coordinating the junior area for Servizi Immobiliari Banche S.p.a., today Prelios Credit Servicing. In 2002 he graduated in Engineering for the Environment and the Territory at Università degli Studi of Padua.
Andrea Musicò, Secured & Large Corporate Npl Manager Fire
Andrea joined Fire in 2016 after a 2 year experience as Chief Risk Officer in Heta Asset Resolution Italy. Previously, he had been working for 13 years with Goldman Sachs Realty Management Division on Italian and Irish NPL portfolios acquisition and asset management.
He is now with Fire’s Secured and Large Unsecured NPL Division, having responsibility for Loan Asset Management, Portfolio and Real Estate Valuation teams, on all the activities of Investor / Vendor Due Diligence and third parties portfolio acquisition and asset management the Division is involved with.
Antonella Pagano, Country Manager Lindorff Italy
A lawyer by education, Antonella joined Lindorff in 2016 from PwC. At PwC she was a partner at with special focus on non-performing loans (NPL), as well as financial restructuring, mergers and acquisitions, valuations and corporate finance. She is a much-utilized expert on these matters and is well known in the Italian financial sector.
Donato Pinto, Country Manager Italia Link Financial Group
Since 2011 Donato Pinto is Itlay’s Country Manager for Link Finanziaria, a leading European group investing in and servicing portfolios of performing, re-performing and non-performing loans.
Prior to joining Link, he was co-founder and CEO of Specialty Finance Trust (today Banca Sistema), specialized in financing and servicing healthcare and public sector receivables.
Prior to that, he spent 12 years in General Electric (GE), with assignments in business development and general management in Europe and Asia He started his professional career in API Petroli to then move to Procter and Gamble before joining GE. He earned a Master of Science in Chemical Engineering and a Master in Business Administration.
Antonio Rosati, Head of Business Development doBank
Degree in Economics in Università degli Studi della Calabria, then started to be involved in Non Perfoming Loans. Since 2006 he joined UCCMB (UniCredit Credit Management Bank), UniCredit Group, today named doBank later the acquisition by subsidiaries of Fortress Investment Group LLC. He held various operational roles and responsibilities within the Management and Workout structure and has been involved in Customer Relationship, Credit Collection of different types of products and Business Development.
Currently he holds the position of Head of Business Development for the doBank Group, the largest non-performing loan Servicer and a leader in assessing and servicing real estate NPLs as well as gathering and developing information to support loan servicing operations.
Vito Ruscigno, Associate Partner PWC
Joined PwC in 2000, Vito has been working in the Corporate Finance and has supported the set up of the NPL department. Vito has extensive experience in financial restructuring, in non-core, distress and NPL transactions and he is specialised in portfolio analysis, valuation and deal structuring on behalf of banks and institutional investors interested in the sale and/or acquisition of distressed assets.
In the NPL and non-core sector, Vito has been involved in most Italian deals covering different asset class (secured, unsecured, leasing, etc) and of different size and characteristics. During the last years he has participated to over €20 bln NPLs deals, including GACS and Atlante initiatives.
He has been on secondment from August 2007 to December 2008 in the Special Investment Group in the London branch of WestLB in charge for the NPL management and acquisition of new portfolios and distressed assets covering main European markets.
Vito is a member of European Portfolio Advisory Group and co head of the NPL/distress asset department in PwC.
Alessandro Scorsone, Director of Strategic Transactions and Client Relations KRUK
After graduating in Economics at the University of Siena, Alessandro Scorsone spent all his career in the financial service industry and IT companies, with significant experience in international organizations.
Prior to joining the Kruk Group as Director of Strategic Transactions and Client Relations, position in which he’s responsible for the NPL and servicing business development of our company in the Italian market, he worked as Major Account Manager at Ribes S.p.A. and collaborated for many years with Thomson Reuters where he covered various European positions (Italian, Spanish and Swiss markets) focused on Business Development in different branches – Asset Management, Wealth Management, and Enterprise Solutions.
Giuseppe Sibilla, General Manager BPER Credit Management
Employed in BPER Banca since 1989, Giuseppe Sibilla over the years he has held numerous managerial positions. From 1996 to 1997 he worked in Banca Popolare di Crotone (now Banca Popolare del Mezzogiorno) where he set up the Bank’s Credit Control framework and assisted the Area Manager. Following his return to BPER Banca, in 1998 he became Manager of one of the main branches in the Parma Territorial Area.
From 2006 he was Sales Director of the Parma, Piacenza and Cremona Area. From 2008 he was Manager of the Parma, Piacenza and Cremona Area.
Since 7 January 2013 he is Deputy General Manager of Banco di Sardegna and Head of the Business Area of the same bank. Since 30 June 2014 he is a Member of the Board of Directors of Sardaleasing S.p.A.
Since 12 January 2016 he is General Manager of BPER Credit Management.
Dario Maria Spoto, Head of Planning, Control e Cost Management Gruppo Banca Popolare di Bari
Actually Head of Planning, Control and Cost Management of Banca Popolare di Bari Group, he made the first sale of NPLs with GACS and in charge of the whole transformation process of the parent company Banca Popolare di Bari in joint stock company, according to the targets of the Group’s 2016 – 2020 business plan.
Main areas of expertise on risk management (credit risk, ALM, market risk, liquidity risk), Business-Financial Planning, IAS/IFRS, securitizations, NPLs disposal, pricing methodologies for financial instruments, classification and evaluation of loan banking portfolio. Previously, supporting the Tercas’ Special Administrator, he acted as Head of the entire Bank’s restructuring and has been in charge of the merge of Tercas banking Group in Banca Popolare di Bari.
From 2003 to 2012 he worked for Deloitte, first as an auditor in the financial institution group (2003-2007) and after moving to Deloitte Consulting where he became Senior Manager of strategy unit in 2011.
Paolo Tosi, Head Npl Unit di Banco BPM
Paolo Tosi is currently Head of NPL Unit at BANCO BPM S.p.A . Previously ve was Head of Debt Collection Unit at Banco Popolare . He has performed the CEO’s role of SGC BP, up to its merging into the Banco Group. Before joining the Banco in 2003, he has managed as Head of Credit Department of Banca Primavera, an Intesa Group Bank and, prior he was Head of Credit Department of Fiditalia, a credit consumer company, that was a jv between Unicredit Group and Société Generale, meanwhile he was also CEO of Sogefactor.
During prior eleven years he bought NPL for SGC SpA, as COO, one of the first company in Italian NPL market. He started his career in Medio factoring.
Alberto Vigorelli, Chief Risk Officer UniCredit Leasing
Mr. Vigorelli holds a degree in Business Administration from LIUC University. In 2008 he joined UniCredit Group in the Risk Management function and shortly after he became Senior Vice President and Head of the Group Credit Risk office, with a various range of responsibilities which included credit strategies, policies, credit risks processes and models. He contributes in creating and managing the Group’s Distressed Assets Management aiming to reduce the so called Non-Core portfolio through asset/credit disposal activities. At present he is the Chief Risk Officer of UniCredit Leasing. Previously he worked as a Senior Manager in Oliver Wyman, dealing with international top players in financial industry.
Daniele Weisz, Investment Manager Balbec Asset Management
Daniele is responsible for Balbec’s Italian investments and operations. Daniele in 2002 worked for RCS Editori as junior controller and in 2003-2004 for Altroconsumo as equity and funds analyst. In 2005 he joined Archon Group Italia, a Goldman Sachs Company, where during 8 years covered all topics related to NPLs, operations and acquisition side, on Secured and Unsecured loans and Real Estate. In 2013 Daniele joined Cerved Credit Management where he was responsible for NPLs portfolios valuation and during 2 years was involved in more than 70 NPLs portfolio underwriting. Daniele holds an MSc in Economics from Bocconi University, Milan. Daniele joined Balbec in 2015 for the new Italian branch.
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