Stenger advises BHW in connection with the Outsourcing of the Servicing of Italian Loans of €1.5 billion
BHW Bausparkasse AG, Italian Branch, a company of the Postbank Group, and Cerved Credit Management Group, an indirect subsidiary of Cerved Information Solutions, an Italian service provider in the areas of credit rating and credit administration, have extended pursuant to Section 25b of the German Banking Act their existing cooperation for the administration and servicing of non-performing loans to the administration of a portfolio of performing and non-performing loans in the amount of €1.5 billion.
The arrangement has come into effect on 1st July 2017 and is connected to the long-term agreement for the cooperation between BHW Bausparkasse AG, Italian Branch, and Cerved Credit Management S.p.A. dated 31 March 2016, by means of which BHW Bausparkasse AG, Italian Branch, had already outsourced the administration and servicing of non-performing loans of €230 million to Cerved Credit Management S.p.A. In connection with the above arrangements, also the business division denominated "Demands for Payment and Enforcement" was separated and transferred.
Stenger LLP advised BHW Bausparkasse AG, Italian Branch, acting by its head of NPL and legal department Gaetano Lattanzi, in relation to the German law finance aspects. Gitti and Partners (London, Milan) and Hager & Partners (Bolzano, Milan) assisted BHW Bausparkasse AG, Italian Branch, in relation to the Italian law aspects. Cerved Credit Management Group was advised by Gattai Minoli Agostinelli & Partners (Milan).