(Finance) – Crédit Agricole Italy has subscribed a servicing agreement with a total duration of up to 5 years with Intrum Italyentrusting him with the management of residential mortgages and business loans classified as unlikely to pay (UTP) and non-performing loan (NPL). The agreement provides for the full and exclusive outsourcing to Intrum Italy of the management of one initial stock of credits equal to approximately 400 million eurosconsisting of approximately 4,000 total positions – of which 80% residential mortgages – divided into 280 million UTPs and 120 million NPLs.
The agreement then provides annual flows for approximately 95% of new production of the bank relating to loans with the same characteristics, we read in a note. Intrum Italy has Intesa Sanpaolo (49%) and Intrum Group (51%) as shareholders.
“Thanks to this agreement with Intrum we will be able to support even more effectively those who find themselves having to fight the difficult economic situation of this particular historical moment”, he said. Roberto GhiselliniCo-General Manager of Crédit Agricole
Italy.
“The finalization of the contract comes at the end of a long phase of study, design and investments that will allow a more effective and efficient management of processes, both in terms of cost-income ratio and regulatory capital for the bank”, he added. Alberto MaroneCEO of Intrum in Italy.
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