July 25, 2014 1:12 PM ET

Diversified Financial Services

Company Overview of Release S.p.A

Company Overview

Release S.p.A operates as a finance company which manages the non-performing loans of the Banco Popolare Group. The company is based in Milan, Italy. Release S.p.A operates as a subsidiary of Banca Italease S.p.A.

Via Sile, 18

Milan, MI 20139

Italy

Phone:

39 02 367031

Fax:

39 0236 70 33 00

Key Executives for Release S.p.A

Release S.p.A does not have any Key Executives recorded.

Release S.p.A Key Developments

BPER Reportedly Planning To Sell Mortgage Loan Portfolio

Banca popolare dell'Emilia Romagna, Società cooperativa. (BIT:BPE) (BPER) is planning to sell assets. MF-Milano Finanza reported quoting financial sources as saying that BPER is finalizing the sale of a mortgage loan portfolio worth around €170 million to The Blackstone Group L.P. (NYSE:BX). The report added that a number of investors are interested in managing the non-performing loans. It also mentioned that Firms including Fortress Investment Group LLC (NYSE:FIG) have expressed interest in acquiring tha assets, but Blackstone is set to buy BPER's mortgage loan portfolio. Blackstone is also said to be interested in loan portfolio of Banco Popolare's (BIT:BP) Release S.p.A, the newspaper added. It added that the sale of Release's assets will need a few more months to be completed.

Sale Of Release Halted

Banco Popolare Societa Cooperativa Scarl (BIT:BP) Chief Executive Officer, Pier Francesco Saviotti told Il Sole 24 Ore that sale of Release S.p.A has been halted indefinitely, as offers received for the were "not compatible with the best interests of our shareholders". One of the options under consideration is for the bank to sell chunks of bad loans, talks for which are ongoing, he added. He stated that rather than selling the unit, it would now instead seek to "add value to the asset".

Investors Reportedly Eye Release

Apollo Global Management, LLC (NYSE:APO); Lone Star Funds; Cerberus Capital Management, L.P.; Fortress Investment Group LLC (NYSE:FIG); The Blackstone Group L.P. (NYSE:BX); and Prelios SpA (BIT:PRS) have expressed interest in Release S.p.A of Banco Popolare Societa Cooperativa Scarl (BIT:BP), according to sources, in a sign of growing appetite from foreign investors for real estate and distressed credit in the country. Banco Popolare, said during the week ending February 28, 2014 that it was seeking to sell a majority stake in its Release unit, which owns and manages soured loans and real estate assets with a total gross value of €3.2 billion. Banco Popolare, which currently owns 80% of Release, has hired Equita Sim as adviser on the transaction. Two sources close to the sale said that Apollo Global Management, Blackstone, Cerberus, Fortress and Lone Star are in the race to buy the majority of Release. Fortress has teamed up with Prelios for a potential bid. According to Reuters, Banco Popolare, Apollo, Blackstone and Cerberus declined to comment and Lone Star, Fortress and Prelios were not immediately available to comment. The due-diligence on Release is due to start in April and binding offers for the bad bank are likely to follow.

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