DoValue Secures New Mandates
DoValue SpA has announced the successful acquisition of two significant servicing mandates in the Hellenic region, strengthening its position as a key player in the European loan servicing market. The agreements, secured through doValue Greece Loan and Credit Claim Management Company SA, involve managing a substantial portfolio of non-performing loans (NPLs) on behalf of affiliates of Fortress Investment Group and Bain Capital.
Alphabet Project Details
The larger of the two mandates is the second tranche of Greece’s “Alphabet Project,” a portfolio with a total estimated value of EUR5 billion. Under this agreement, doValue will exclusively service the Alphabet Secured Retail portfolio, which comprises a gross book value (GBV) of approximately EUR1.4 billion and total credit exposure of around EUR2.8 billion. The portfolio encompasses roughly 17,000 borrowers and is backed by real estate collateral.
NPL Servicing in Cyprus
Additionally, doValue has secured a new NPL servicing contract in Cyprus, covering an asset pool with a gross book value of EUR200 million.
Strategic Impact and Growth
“These agreements mark a strong start to the year for doValue, reinforcing our growth trajectory and supporting our strategic objectives outlined in the 2024-2026 Business Plan,” the company stated. With a total of EUR1.6 billion in newly acquired GBV, doValue continues to build momentum after exceeding its 2024 business targets.
Stock Market Reaction
Despite the positive news, doValue’s stock ended Monday’s trading session down 2.6 percent at EUR1.33 per share.
FAQs
What are the two mandates that doValue secured?
DoValue secured two major servicing mandates: the second tranche of Greece’s “Alphabet Project,” valued at EUR1.4 billion in gross book value, and a new NPL servicing contract in Cyprus worth EUR200 million.
Who are the key clients involved in these agreements?
The agreements involve managing non-performing loans on behalf of affiliates of Fortress Investment Group and Bain Capital.
What is the Alphabet Project?
The Alphabet Project is a large-scale NPL portfolio in Greece, estimated at EUR5 billion in total value. DoValue will exclusively service the secured retail segment of this project.
How did the stock market react to this news?
Despite the positive developments, doValue’s stock declined by 2.6% on Monday, closing at EUR1.33 per share.
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