Cherry Bank: new NPL purchase worth 864m GBV

Cherry Bank – a bank specializing in business support services, creation of value from the transformation of NPL portfolios, in the purchase of tax credits and in the Wealth
Management sector – announced the acquisition of a significant portfolio of non-performing loans (NPL) for a total gross value of over 864 million Euro in the secondary market through a primary player in the European market.

This portfolio, corresponding to over 2,000 debt exposures and 6,000 lines, is mainly composed of Non-Performing Unsecured credits, including loans and current account overdrafts, and approximately 70% of these are aimed at joint-stock companies.
This latest acquisition adds to other recent operations that have allowed Cherry Bank to further consolidate its presence in the NPL sector. In fact, during 2023, eight portfolio purchase agreements were concluded for a total nominal value of approximately 2.7 billion Euro, mainly acquired on the secondary market.

However, considering the Bank&’s entire activity in the NPL sector since the start of operations in
2019, the overall nominal value of the proprietary portfolios acquired on the market reached 6.6 billion euros: the proprietary portfolio is made up of unsecured loans mainly deriving from the secondary market and corresponding to 145,000 debt exposures and 243,000 credit lines.

Laura Gasparini, Head of Market & Investments at Cherry Bank: “With the purchase of this portfolio of almost 1 billion Euro, Cherry Bank confirms its constant commitment in the NPL sector, highlighting a strong will to invest in new portfolios and to establish long-term partnerships with market operators. The key to our success in the sector lies in the dynamic vision of the market and in the management of distressed loans as well as in the commitment of an increasingly robust and structured cohesive team and in the ambition to play an important role in the financial areas that we oversee. Cherry Bank therefore looks to the future with
confidence, continuing to be a key and proactive player in the dynamic financial market linked to the NPL

Massimo Famularo

Blogger and Investment Management Advisor with focus on Distressed Assets & NPL. Massimo is Chief NPL & Fintech Editor at Credit Village Magazine.

Credit Village is a leading company in the field of specialized publishing and event organization for the credit management industry and in all issues and aspects related to the NPE market, including ESG , M&A, Real Estate etc. Credit Village has been the first company in Italy to bring the culture of the credit management industry to the press, events and online, creating the largest community in the sector around itself.