7 June 2022

In late December 2021 the multi originator GACS “Pop NPLS 2021” securitization promoted by Luigi Luzzatti S.C.p.A. was eventually ended. Luzzatti is a consortium company that regroup 19 local people’s banks. The operation regarded the transfer of a NPLs portfolio of 800 mln euros in GBV originated by 12 banks. A consistent share of the portfolio was originated by Banca Popolare di Sondrio with a value of 420,9 mln euros.

WizKey s.p.a. had been selected by Luzzatti as Virtual Data Room provider. This was the first real operation carried out using the platform Define for financial transactions. The platform that features cloud and blockchain technology guaranteed enhanced onboarding process for the documental as well as optimized negotiation and transfer for the portfolio.

Each credit has its own permanent data room that contains the documental set and all the relative information. All data received timestamp notarization making them incorruptible. Information asymmetry is diminished in order to guarantee both parties with a safer transaction.

Our set of smart contracts makes possible the tokenization of each credit making them transferable in just a few clicks. The platform allows to digitize both the negotiation and the transfer process (even within securitization processes). The platform can truly push forward for the standardization of processes thus creating a liquid and transparent secondary market. Wizkey makes use of the Algorand blockchain.

The partners that make the operation possible are J.P. Morgan in the role of arranger together with Banca Akros. KPMG Advisory played the role of financial advisor while Zenith Service acted as master servicer and doValue as special servicer. Law firms Chiomenti, Orrick Herrington & Sutcliffe and Cappelli RCCD carried out the legal aspects of the operation. BNP Paribas Securities Services acted as depositary bank and paying agent. Centrotrenta Servicing worked as delegate of the noteholders and backup master servicer. Banca Agricola Popolare di Ragusa coordinated the regulatory activity for the exchanged notes among all the banks involved.