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Alvarez & Marsal’s IPM Group Granted Servicer License by Bank of Greece

July 25, 2017, 07:00 AM
Filed Under: Industry News
Related: Alvarez & Marsal

Alvarez & Marsal (A&M) announced that its fully owned subsidiary company established in Independent Portfolio Management S.A.S.R.L.C.F (IPM), has been granted a servicer license by the Bank of Greece for the management of claims from loan and credit facilities in accordance with the local legal and regulatory framework. The company is the first independent business loans servicing company in Greece that can offer lenders end-to-end servicing solutions for loans to small and medium enterprises (SME) and larger corporate borrowers.

IPM will provide its services to the Greek banks as well as to investors (private equity firms and credit funds) who will acquire bank loan portfolios. This new venture is aligned with A&M’s strategy to broaden its business and develop service offerings to meet evolving client needs with practical solutions.

As a servicing platform, IPM will focus on portfolios of loans to SME and corporate borrowers with turnover of at least €1 million. Currently, Greece has the second highest non-performing exposures (NPE) ratio in the Eurozone at approximately 45 percent and totaling approximately €108bn, which the Greek systemic banks are expected to reduce by c. 40 percent by the end of 2019. Actively managing and reducing NPEs is critical to the Greek economy.

Bryan Marsal, co-founder of A&M, said, “IPM expands our presence and capabilities in Greece and reinforces our strategy to support Greek banks in managing their NPEs. IPM’s offering adds value to servicing loans by supporting restructuring initiatives with borrowers along with mobilizing A&M’s global network and access to the international investor community. As a loan servicing platform in Greece, IPM harnesses A&M’s extensive experience managing distressed assets. Moving forward, we may consider developing this capability in other jurisdictions as local needs justify.” 

Marios Koliopoulos, Managing Director and Country Head for A&M in Greece, will serve as IPM’s CEO. Cyrus Ardalan, previously a Vice Chairman at Barclays and a A&M Senior Advisor, will serve as the non-executive Chairman of IPM’s Board of Directors.

Koliopoulos said, “The development of a secondary NPE market is critical in reducing NPEs and restoring the Greek economy. Our loan servicing platform is a significant initiative in this context and in the country’s continued progress reforming the banking sector. What sets IPM apart is its independence from the providers of capital, its efficient, flexible and scalable platform, and end-to-end loan portfolio management capability that combines thorough portfolio analytics and claims management alongside real estate collateral and REO support. We believe this unique combination will add value for the Greek banks and loan investment funds and fair outcomes for borrowers.”

Ardalan said, “IPM’s Board of Directors has extensive international financial, operational, restructuring and risk management experience. As the banking industry continues to evolve, new and non-traditional financial services providers such as IPM can help banks and investment funds in Greece and around the world harness A&M’s global experience and state-of-the-art tools to solve complex loan servicing challenges.”
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