Debitos and doValue join forces in Greece & Cyprus
doValue, the leading loan servicer in South Europe, and Debitos, the leading secondary debt market in Europe, extend their cooperation launching the marketplace for NPL, doLook, in Greece & Cyprus.
Rome, March 22, 2021 – doValue, the leading Southern European player in credit management and real estate services for banks and investors, announces the expansion of the online NPL trading platform doLook to Greece & Cyprus, by way of an exclusive partnership with Debitos, the leading European secondary market for single loans and credit portfolios.
The existing platform doLook, which is especially designed for doValue, will be adopted to the special needs of the markets in Greece and Cyprus to facilitate the sale of NPLs, serviced both by doValue and third parties, leveraging on the proven technological infrastructure developed by Debitos, that is already available in the Greek language. doValue clients and third parties will benefit from the best available liquidity, accessing more than 1,200 institutional investors from 16 countries already registered on Debitos. Investors benefit from high asset visibility and the ability to perform remote due-diligence as well as loan analysis, virtual data room management, asset negotiation and closing. doLook simplifies and standardizes the transaction process to ensure that more efficiency and liquidity are available to the secondary market.
Ambassador Giovanni Castellaneta, President of the doValue Group, comments the cooperation with “Considering the excellent result of doLook in Italy in 2020, doValue is now expanding the partnership with Debitos to Greece and Cyprus, markets where our Group is investing. We think doLook will participate to the development of a secondary NPL transactions market in these regions providing simplification and standardization of transaction processes end ensuring more efficiency to the secondary market.”
Timur Peters, CEO and Founder of Debitos, stated: “I am very happy that after just one year this successful partnership is now expanding to new markets. Debitos has found with doValue a unique cooperation partner that objectives and values coincide with ours by combining new technologies with substantial and trustful experience.”
The cooperation between doValue and Debitos companies started in April 2020, with the launch of doLook in Italy and there were already more than 10,000 loan transactions created on doLook at the end of 2020. Building up on the successful experience, the cooperation is now expanding to new markets, Greece & Cyprus where doValue is the leading loan servicer with €37 bn of AuM.
With this partnership, doValue streamlines its secondary market operations in Greece & Cyprus, with rising interest for secondary NPL transactions and a structural need to operate from remote in a digital environment. The Greek loan transaction market heavily increased and started 2021 already with 4 jumbo transactions.
doValue, formerly doBank S.p.A., is the leading operator in Southern Europe in credit management and real estate services for banks and investors. Present in Italy, Spain, Portugal, Greece and Cyprus, doValue has more than 20 years of industry experience and manages assets of approximately €160 billion (gross book value) with around 3,200 employees of an integrated range of services: special servicing of NPLs, UTPs, early arrears and performing positions, real estate servicing, master servicing, data processing and provision and other ancillary services. doValue is listed on the MTA (Mercato Telematico Azionario) operated by Borsa Italiana S.p.A. and, including the acquisition of Altamira Asset Management and doValue Greece, recorded preliminary gross revenues in 2020 of about €418 million and an EBITDA ex non-recurring items of about €125 million.
Debitos is the leading secondary debt market which enables companies, banks and funds to sell their credit exposures on the market through its open and transparent auction-based online transaction platform. The platform leverages on the digitalization of the entire sale process and can reduce the expected disposal timing to 3-8 weeks compared to 3-6 months of the traditional process. Debitos was founded in Frankfurt in 2010 and has since successfully transacted more than 640,000 loans in 16 countries. By now more than 1,200 investors from all over Europe have registered with Debitos.