Italian group Cerved, a leader in credit risk and management of non-performing loans, on Thursday announced that it has reached a binding agreement with Eurobank Ergasias S.A. through its subsidiary Cerved Credit Management Group S.r.l. to fully acquire the share capital of Eurobank Property Services S.A. in Greece, as well as its subsidiaries in Romania and Serbia.
“The acquisition of Eurobank Property Services S.A. stems from our willingness to further strengthen our leadership in non-performing loan management by broadening our range of services including real estate management services either through organic growth or through acquisitions both in Italy and internationally. Our objective is to highlight Eurobank Property Services as an independent real estate service provider, exploiting synergies with Cerved Credit Management Greece, our new subsidiary, recently licensed by the Bank of Greece for the management of non-performing exposures (NPEs). We expect our activity in Greece to outperform pro forma revenues by 10 million euros in 2019 with a prospect of further growth in the medium and long-term also thanks to our cooperation with Eurobank,” managing director Andrea Mignanelli said.
On his part, deputy CEO of Eurobank Group Stavros Ioannou said: “Through this transaction, we are building a strategic partnership in real estate management with Cerved, a company with extensive presence and experience in the field. The entry of players such as Cerved into the Greek market will help to successfully meet the challenges associated with the large volume of NPEs and the prospect of increasing bank property portfolios as part of an effective management.”