Illimity Bank to acquire 70% shares of IT Auction for $12m.

Illimity Bank to acquire 70% shares of IT Auction, Italian company specialized in the setup, management, and promotion of competitive online auctions for every type of products for $12m. The remaining 30% will remain in the hands of the current shareholders, including the top management who will remain in the company for the execution of the business plan. This acquisition of IT Auction will allow Illimity Bank on to internalize the profit margins related to the sale of products on one side and on the other to benefit from facility management lower costs. "The operation aims to ensure a leadership position in the non-performing loan market and will allow us to cover the entire value chain, from underwriting to credit servicing to the enhancement and re-marketing of underlying assets synergies and economies of scale, increasing the transparency and efficiency of the management of purchased credits and maximizing the value of the real estate and instrumental assets as collateral." Andrea Clamer, Illimity's Investment & Servicing division manager.