October 30, 2019 / 2:07 PM / 16 days ago

Banca IFIS and Credito Fondiario fail to strike debt recovery accord

MILAN, Oct 30 (Reuters) - Italy’s Banca IFIS said on Wednesday it had ended talks with Elliott-owned Credito Fondiario after the two bad loan specialists failed to reach an accord on a debt collection partnership due to disagreements over governance.

“The non-performing loan market continues to be of strategic importance for Banca IFIS,” Luciano Colombini, CEO of Venice-based Banca IFIS said in a statement.

Credito Fondiario and IFIS, which is controlled by the von Furstenberg family, had entered exclusive talks in August to fold IFIS’s debt purchase and recovery businesses into a new unit that would become part of Credito Fondiario.

They later extended the deadline to reach an accord to Oct. 31 and narrowed the scope of the partnership to their debt collection businesses, before calling off the deal on Wednesday.

Reporting by Valentina Za, editing by Silvia Aloisi

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