Allen & Overy has provided legal support to Barclays in its acquisition of a portfolio of non-performing loans (NPL) through a securitisation vehicle, involving debtors from various European jurisdictions. This transaction reflects Barclays’ ongoing efforts to navigate the complexities associated with NPLs and underscores the bank’s strategic approach to asset management.
The portfolio, originally held by a number of leading international financial institutions, was acquired after a competitive bidding process that attracted several investors. The interest in such portfolios highlights the ongoing activity in the market for non-performing assets, where investors see potential value.
The legal and regulatory aspects of the transaction were managed by a team from Allen & Overy, led by partner Pietro Bellone, with support from senior associate Martina Gullino. Their work focused on addressing the legal intricacies associated with the acquisition, reflecting the firm’s capability in handling transactions across different jurisdictions.
Tax advice, crucial in transactions of this nature, was provided by counsel Elia Ferdinando Clarizia. His input ensured compliance with relevant tax laws and sought to optimize the fiscal outcome of the acquisition.
Furthermore, Allen & Overy’s global network was leveraged, with legal professionals from various offices contributing advice on jurisdiction-specific aspects of the transaction. This collaborative effort helped in managing the cross-border elements effectively.
This acquisition by Barclays, supported by Allen & Overy’s legal expertise, illustrates the ongoing interest in and challenges of dealing with NPLs in Europe. It also reflects the practical realities of navigating legal and regulatory landscapes in cross-border financial transactions.
Blogger and Investment Management Advisor with focus on Distressed Assets & NPL. Massimo is Chief NPL & Fintech Editor at Credit Village Magazine.