UniCredit and Archon agree to wind up the joint venture agreement for loan collection operations
The joint venture agreement ends 6 months in advance, effective December 31st, 2007
UniCredit and Archon reached an understanding to wind up the joint venture agreement regarding Capitalia Service JV.
UniCredit, who became the majority shareholder following integration with the Capitalia Group, and Archon, the minority shareholder, have agreed to wind up the joint venture agreement effective December 31st, 2007.
Archon will sell its 49% stake in the corporate capital of Capitalia Service JV to UniCredit for an amount equal to the pro-quota net equity.
The decision follows the acknowledgement by both parties that the joint venture agreement is no longer necessary and that within UniCredit UGC Banca, a NPLs company with many years of activity in the market for non performing loans, will take over the governance of the portfolios currently managed by Capitalia Service JV.
Milan, February 4th, 2008
UniCredit Group:
With a market capitalisation of ca. €67 billion (February 1st, 2008) that positions it among the first European financial groups, UniCredit is present in 23 countries with more than 40 million customers and 9,000 branches, ca. 170 thousand employees and assets totalling ca. €1,018 billion (pro forma) as at June 30th, 2007.
Through the merger with Capitalia, effective as of October 1st, 2007, UniCredit strengthens its presence in Italy, one of the markets of reference, as well as Germany, Austria and CEE. In Central Eastern Europe, UniCredit works through the widest network of banks of the region with more than 3,700 branches in which more than 76,000 employees serve ca. 27 million customers.
UGC Banca
Among the leading Italian banking institutions specialised in NPL management, UGC Banca is the only one today that offers our own services to the market, deriving its strengths from the experience achieved through the mandates of the companies belonging to UniCredit Group. With a portfolio management of more than 650,000 position for a value equal to 18.7€mld as at 31.12.2007, UGC Banca also operates as special servicer, loan administrator and company services provider in securitisation.The efficiency of its management processes and the effectiveness of the collection strategies are being evaluated each year by Standard & Poor's and Fitch Ratings. UGC Banca is at present the only European servicer with rating STRONG, the maximum value in the S&P rating scale.
Archon:
Established in 1991 in the United States, Archon currently has over 11,000 employees worldwide.
Actively managing and/or advising in respect of over $52 billion of assets for investments funds managed and sponsored by Goldman Sachs, including the Whitehall Funds.
Providing oversight or loan servicing on another $36 billion of assets. Full service loan asset management/advice/servicing and real estate asset management/advisory platforms in the U.S., France, Japan, Italy, Germany, and China.
Contacts:
UniCredit:
Media Relations:
Tel. +39 02 88628236; e-mail: MediaRelations@unicreditgroup.eu
Investor Relations:
Tel. + 39 02 88628715; e-mail: InvestorRelations@unicreditgroup.eu
UGC Banca:
Marzia Bisegna, External Relations and Studies Division Manager
Tel. +39 06 59471925, cell. 335 7512202
marzia.bisegna@ugcbanca.unicredit.it
Archon:
Woody McMinn
e-mail: Woody.McMinn@archongroup.com
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