DoValue

Last updated
doValue
Native name
doValue S.p.A.
Formerly
  • Istituto di Credito Fondiario delle Venezie
  • Mediovenezie Banca
  • UniCredito Gestione Crediti
  • UniCredit Credit Management Bank
  • doBank
Company typelisted società per azioni
ISIN IT0001044996
IndustryFinancial services
Founded1949
Headquarters
Verona
,
Italy
Key people
Giovanni Castellaneta(Chairman)
Andrea Mangoni(CEO)
Increase2.svg052.330 million (2016)
Total assets Decrease2.svg €328.434 million (2016)
Total equity Increase2.svg €210.744 million (2016)
Owner
SoftBank Group (as private equity fund manager via Avio S.à r.l. and Fortress Investment Group)(50.1% ordinary share)
Jupiter Asset Management(07.7% ordinary share) [1]
Parent
Avio S.à r.l.(direct)
Fortress Investment Group (indirect)
SoftBank Group (ultimate)
Subsidiaries Italfondiario (100%)
Capital ratio Increase2.svg 21% (Group CET1, Dec.2016)
Website www.dovalue.it
Footnotes /references
in consolidated financial statement [2]

doValue S.p.A. formerly doBank S.p.A. is an Italian financial service company based in Verona, Veneto region. The company, a former bank, was known as UniCredit Credit Management Bank until 2015. In 2015, the company was acquired by private equity funds of Fortress Investment Group. Soon after the company started their initial public offering; the bank became a component of FTSE Italia Mid Cap Index in August 2017. [3]

Contents

History

Mediovenezie Banca

Istituto di Credito Fondiario delle Venezie was founded in 1949 as a bank that specializes in financing public works and public utility. [4] In 1992, the bank was transformed from a statutory corporation to "company limited by shares" (Italian : società per azioni ) as Credito Fondiario delle Venezie S.p.A.. [5] In 1995, the bank merged with Mediocredito delle Venezie (a bank specializing in medium-term lending to industries) and Federalcasse Banca (an inter-bank lending institute for Veneto savings banks) to form Mediovenezie Banca. [6] [7] [8] The bank was part of Cariverona Banca Group. In 1995, it became part of Unicredito Group, which in 1998, became part of UniCredito Italiano Group.

UniCredit Credit Management Bank

In 2000, the lending business of Mediovenezie was transferred to sister company, while the bank itself had transformed into UniCredito Gestione Crediti, a bank specializing in credit management (Italian : gestione crediti).

In 2008, the bank was renamed into UniCredit Credit Management Bank which also managed the non-performing loans (NPLs) of former Capitalia Group. In 2011, UniCredit Credit Management absorbed Aspra Finance S.p.A..

At 31 December 2012, the book value of the company was valued as €3.3 billion. In 2013, UniCredit write-down €620 million for the value of UniCredit Credit Management, to €2.7 billion. In 2014, a further write-down of €1.5 million was made.

doBank

In 2015, UniCredit Credit Management, along with a portfolio of €2.4 billion gross book value of NPLs was sold to private equity fund of Fortress Investment Group (Eurocastle Investment Limited for 50% stake in doBank and NPLs) [9] and Prelios for an undisclosed amount. The NPLs assets of doBank was separately owned by Romeo SPV S.r.l. on 30 September 2016, which doBank owned 5% of the SPV, Eurocastle Investment owned 47.5% directly (additional 2.5% via doBank) and the rest (47.5%) was owned by other shareholders.

In 2016, Italfondiario was acquired by doBank from Fortress. [10]

In 2017, doBank became a listed company. [11]

doValue

In June 2019, the company was renamed to doValue and withdrew its banking license. [12] At the end of June 2019, doValue acquired 85% of Altamira Asset Management, active in the problematic credit sector and present in Spain, Portugal, Cyprus, Greece, for 360 million. [13]

On June 5, 2020, it completed the purchase from Eurobank for 211 million euros of 80% of Fps, a Greek servicing company. [14]

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References

  1. "Azionisti rilevanti di DoBank Spa". CONSOB. 8 January 2018. Retrieved 9 January 2018.
  2. "2016 Relazioni e Bilancio consolidato" (PDF) (in Italian). doBank. 10 April 2017. Retrieved 21 April 2017.
  3. "FTSE Italia Index Series Quarterly Review" (Press release). FTSE Group. 30 August 2017. Retrieved 9 January 2018.
  4. "S. 676: Creazione presso l'Istituto di Credito Fondiario delle Venezie - Verona - di una Sezione autonoma per il finanziamento di opere pubbliche e di impianti di pubblica utilità" (in Italian). Chamber of Deputies (Italy). Retrieved 2 May 2016.
  5. "Approvazione del progetto di ristrutturazione presentato dall'Istituto di credito fondiario delle Venezie". Gazzetta Ufficiale (Press release) (in Italian). Ministry of the Treasury. 18 August 1992. Retrieved 2 May 2016.
  6. "Provvedimento N°2537 (C1767): Credito Fondiario delle Venezie / Mediocredito delle Venezie / Federalcasse Banca" (PDF) (Press release) (in Italian). Italian Competition Authority (AGCM). 7 December 1994. Retrieved 2 May 2016.
  7. "Provvedimento N°13: Credito Fondiario delle Venezie / Mediocredito delle Venezie / Federalcasse Banca" (PDF) (Press release) (in Italian). Bank of Italy. 19 January 1995. Retrieved 2 May 2016.
  8. "Storia" [Story] (in Italian). doBank. Retrieved 2 May 2016.
  9. "Earnings Supplement First Quarter 2015" (PDF) (Press release). Fortress Investment Group. 5 July 2015. Retrieved 2 May 2016.
  10. "doBank acquisisce il 100% di Italfondiario" (Press release) (in Italian). doBank. 15 July 2016. Retrieved 9 August 2016.
  11. "Italy's doBank sets IPO price at 9 euros per share". Reuters. 13 July 2017. Retrieved 12 December 2019.
  12. "doBank : Conclusion of banking license withdrawal proceeding" (Press release). doValue. 21 June 2019. Retrieved 12 December 2019 via marketscreener.com.
  13. "doValue, perfezionata acquisizione Altamira AM". Teleborsa (in Italian). Retrieved 2022-06-27.
  14. "doValue perfeziona acquisizione 80% di FPS". www.teleborsa.it (in Italian). Retrieved 2022-06-27.