Project Frontier ΙΙ: Αgreement with NGV for a €1 Billion Haps Securitisation
Rome, July 29th, 2022 – doValue S.p.A. (“doValue”, the “Company”, or the “Group”) is pleased to announce that, through its subsidiary doValue Greece, it has signed an agreement with National Bank of Greece (“NBG”) in relation to the management of a Greek portfolio consisting of mostly secured non-performing loans (NPL) for a Gross Book Value of approximately €1.0 billion (“Project Frontier II”).
The agreement is subject to the completion of the securitisation process of such portfolio by NBG under the Hellenic Asset Protection Scheme (HAPS) which is expected to be finalised in Η2 2022.
NBG awarded Project Frontier II to doValue on the basis of the trust and track record built during the Project Frontier I process.
Project Frontier II is another important step for the Group in the execution of its Business Plan 2022-2024 and it is also another milestone for doValue in its objective of establishing itself as a leading independent servicer in Greece.
With Project Frontier II, and considering Project Neptune (€500 million), Project Frontier I (€5.7 billion), and Project Mexico (€3.2 billion), doValue has cumulated more than €10 billion of mandates in the last 12 months in Greece.
The new GBV related to Project Frontier II had already been included in aggregate figure related to new mandates secured in 2022 YTD disclosed in the context of the Q1 2022 results presented to the market on May 13th, 2022.
doValue is the main operator in Southern Europe in the field of credit and real estate management for banks and investors. With more than 20 years of experience and approximately €150 billion of assets under management (Gross Book Value) across Italy, Spain, Portugal, Greece and Cyprus, doValue Group's activities contribute to the economic growth by promoting the sustainable development of the financial system. With its 3,200 employees, doValue offers an integrated range of services: servicing of Non-Performing Loans (NPL), Unlikely To Pay (UTP), Early Arrears, and performing credit, real estate servicing, master servicing, data processing and other ancillary services for credit management. The shares of doValue are listed on the STAR segment of Euronext Milan (EXM) and, in 2021, the Group reported Gross Revenues of approximately €572 million and EBITDA excluding non-recurring items of approximately €201 million.