Ashurst advised Banco BPM on the sale of Profamily credit portfolio to Banca - Sistema

Insight Hero Image

    Global law firm Ashurst advised Banco BPM on the legal and tax aspects of the agreement with Banca Sistema for the sale of a credit portfolio originated by ProFamily.

    ProFamily is a financial company belonging to the BPM group which operates in the field of consumer credit for families, and was incorporated into Banco BPM in June 2021. The portfolio is composed by credits secured on one fifth of salaries or pensions or delegation of payments.

    The transaction, whose completion is subject to the authorisation of the Supervisory Authority, includes receivables for an amount of approximately EUR150 million.

    Ashurst worked alongside the legal department of Banco BPM, led by Antonia Cosenz, supported by a team coordinated by Maria Teresa Guerra, Head of Legal Finance, and Raffaele Carfora.

    The Ashurst team was led by partner Michele Milanese supported by counsel Annalisa Santini.