New series of significant deals both at European and international level inevitably affect the Cypriot non-performing loans market – in an indirect but clear manner.
Specifically, doBank group which is the largest independent Italian loan management Servicer was recently taken over by Japanese tech giant SoftBank which is expected to also acquire 85% of the Spanish group Altamira. In Cyprus, Altamira has undertaken the management of NPLs amounting to some €6.3 billion of the collapsed Cyprus Cooperative Bank.
The acquisition process is expected to be completed in May now that the agreement has been approved by the European Commission. Undoubtedly, this development will create a new state of play in Europe’s NPLs management market – one that will also have a direct or indirect impact on Cyprus’.
SoftBank Group Corp. is a Japanese multinational holding conglomerate which also includes U.S. telecoms company Sprint. Headquartered in Tokyo, it was founded in September 1981 by multi-millionaire Masayoshi Son – originally as a computer parts store.
It now owns operations in broadband; fixed-line telecommunications; e-commerce; internet; technology services; finance; media and marketing; semiconductor design; and other businesses.
SoftBank was ranked in the Forbes Global 2000 list as the 39th largest public company in the world, and the 4th largest publicly traded company in Japan.
It has strategic alliances with Qustodio Technologies S.L., Alibaba Group Holding Limited, Brain Corp., Sequans Communications S.A., Sumitomo Life Insurance Company, Toyota Motor Corporation, and Vodafone Group Plc.
At the same time, SoftBank’s $100 billion Vision Fund is transforming Silicon Valley’s start-up economy. Its largest investor is Saudi Arabia’s Public Investment Fund which had committed $45 billion to SoftBank’s inaugural fund.
In addition, SoftBank Corp made its debut at Tokyo Stock Exchange back in December with a bang. Shares opened at 1,463 yen and closed at 1,282 yen. It offered 160 million shares and raised a total of 2.65 trillion yen (about $23.5 billion), making it Japan’s largest ever IPO. And placing it just behind Alibaba’s record-setting $25 billion debut on the New York Stock Exchange in 2014.
Read more:
https://in-cyprus.com/commission-clears-acquisition-of-altamira-cyprus-by-cyprus-cooperative-bank-and-apollo-management/
