Rating action

The rating actions are as follows:

Class A (ISIN IT0005469116), EUR 284,000,000: rated BBB_SF

Class B (ISIN IT0005469124), EUR 39,500,000: CCC_SF

Class J (ISIN IT0005469132), EUR 13,000,000: not rated

Transaction overview

The transaction is a static cash securitisation of an Italian NPL and non-performing leases portfolio worth around EUR 1,312m by gross-book value (’GBV’) of which 1,147m and 165m are allocated to the NPL and non-performing lease portfolio respectively. The NPL portfolio was originated by 74 cooperative banks (‘BCCs’) belonging to the Iccrea Cooperative Banking Group, Banca Ifis S.p.A., Guber Banca S.p.A and Cassa di Risparmio di Asti S.p.A. (see ‘Appendix I’ for the complete list of originators). The non-performing lease portfolio was originated by Iccrea BancaImpresa S.p.A. The portfolios will be serviced by doValue S.p.A. as special servicer and Italfondiario S.p.A. as master servicer. Asset information below reflects aggregation by loans/leases and Scope’s pool adjustments related to collections and sold properties since the cut-off date.^*

The NPL pool is composed of senior secured (58.4%), unsecured (34.4%) and junior secured loans (7.3%). Borrowers are mainly corporates (78.8%). Secured loans are backed by residential and non-residential properties (36.5% and 63.5% of the total first-lien property value, respectively) that are rather concentrated in the north (43.8%) and the center of Italy (39.8%). The issuer acquired the portfolio at the transfer date of 16 November 2021.

The non-performing lease portfolio comprises of disposable assets that were transferred in the 16 November 2021 to GBCI LeaseCo S.r.l. and non-immediately transferrable assets (i.e., non-repossessed assets, repossessed assets have not yet regularised, assets subject to specific law or contractual provisions) that were assigned to GBCI LeaseCo S.r.l. through a partial de-merger of the Iccrea BancaImpresa S.p.A. on 16 November 2021.

The pool is mainly composed of secured leases (relevant assets yet to be sold). Borrowers are mainly corporates (89.3%). Secured leases are mainly backed by industrial and commercial real estate assets (respectively 61.3% and 34.6% of property values), while the remainder of the assets are represented by residential properties and residual type of assets (respectively 0.7% and 3.3%). Properties are concentrated in northern Italy, with 40.4% of property values, and southern and central regions account for 37.4% and 22.7% respectively.

The structure comprises three classes of notes with fully sequential principal amortisation: senior class A, mezzanine class B, and junior class J. Class A will pay a floating rate indexed to six-month Euribor, plus a margin of 0.35%, whilst class B will pay a floating rate indexed to six-month Euribor, plus a margin of 8.0%. The Euribor on the class A and B notes is floored at zero. Class J principal and interest are subordinated to the repayment of the senior and mezzanine notes.

Rating rationale

The ratings are primarily driven by the expected recovery amounts and timing of collections from the NPL portfolio and the non-performing lease portfolio. The recovery amounts and timing assumptions consider the portfolios’ characteristics as well as Scope’s economic outlook for Italy and Scope’s assessment of the special servicer’s capabilities. The ratings are supported by the structural protection provided to the notes, the absence of equity leakage provisions, the liquidity protection and the interest rate hedging agreement.

The ratings also address exposures to the key transaction counterparties. In order to assess the issuer’s exposure to credit counterparty risks Scope considered counterparty substitution provisions in the transaction, counterparty ratings from Scope, when available, or public ratings.

Key rating drivers

Borrowers’ granularity (positive). The concentration in the portfolio is below market average considering peer transactions rated by Scope. The 10 largest borrower exposures account for 7.4% of portfolio GBV of both, the NPL and non-performing leases portfolios.¹

High share of drive-by and recent valuations (positive). Most of the portfolios’ collateral appraisals are either full or drive-by valuations (53.5%), which are generally more accurate than desktop or CTU valuations. 86.2% of valuations were conducted between 2020 and 2021, meaning asset values are likely to reflect the liquidity risks and price fluctuations currently present in the real estate market.¹

Repossessed assets as of the cut-off date (positive). By gross book value, 64.2% of secured leases are backed by already repossessed assets of which 37.4% are repossessed but not regularised. Before being sold in the open market, assets need to be repossessed and regularised; these activities lengthen the expected collection time in comparison with collaterals in more advanced phases.¹

Diversified geographical distribution of the collateral and multi-originator nature of the transaction (positive). The portfolio collateral is relatively highly diversified by geography. 81.4% of the first-lien portfolio is distributed among Italy’s northern and central regions (43.4% and 38%, respectively), which usually benefit from shorter court procedures than southern regions. The multi-originator nature of the transaction helps mitigate concentration risk in terms of the properties’ locations and borrowers’ exposures.¹

Property type (negative). The residential component of the portfolio (32.8% of total properties’ valuation) is relatively low compared to peer transactions rated by Scope. The share of land is high compared to peer transactions (15.4% of first-lien property valuations of NPL and non-performing lease portfolio) which may have high price volatility upon liquidation.¹

High share of loans in bankruptcy or with no proceedings (negative). We expect a weighted average recovery timing of 7.6 years, which is long compared to peer transactions rated by Scope. The longer timing for recovery proceeds is mainly because a large share of the portfolio’s gross book value corresponds to loans either in bankruptcy or with no ongoing proceedings. Compared with non-bankruptcy proceedings, bankruptcies typically result in lower recoveries and take longer to be resolved.¹

Seasoned unsecured and junior secured portfolio (negative). The weighted average time since default is approximately 4.3 years for the unsecured and junior secured NPL portfolio. Most unsecured recoveries are realised in the first years after a default according to historical data.^1,2

Rating-change drivers

Rapid economic growth following the pandemic crisis (upside). A scenario of rapid economic recovery would improve liquidity and affordability conditions and would prevent a sharp deterioration of collateral values. This could positively affect the rating, enhancing servicer performance on collection volumes.

Servicer outperformance on recovery timing (upside). The pandemic led to a slowdown of the courts’ activity. If courts advance on legal proceedings backlogs faster than expected an outperformance on recovery timing could occur. This could positively impact the rating.

Prolonged pandemic crisis (downside). Recovery rates are generally highly dependent on the macroeconomic climate. A prolonged pandemic crisis, together with a removal of government financial support, liquidity conditions could deteriorate, reducing servicer performance on collection volumes. This could negatively impact the rating.

Servicer underperformance on recovery timing (downside). Servicer performance below Scope’s base case collection timing assumptions could negatively impact the rating.

Quantitative analysis and assumptions

Scope analysed cash flows, reflecting the transaction’s structural features, to calculate each tranche’s expected loss and weighted average life. As the first step, Scope analysed the assets to produce a rating-conditional cash flow projection of gross recoveries for the portfolio of defaulted leases.

Scope performed a specific analysis for recoveries, using different approaches for secured and unsecured exposures. For senior secured exposures (including secured leases), collections were mainly based on the most recent property appraisal values, which were stressed for the appraisal type, and liquidity and market value risks. Recovery timing assumptions were derived using line-by-line asset information detailing the type of legal proceeding, the properties’ status (i.e., repossessed or regularised in case of leases), the court issuing the proceeding, and the stage of the proceeding as of the cut-off date. Scope also considered historical data provided by the servicer. For unsecured receivables, Scope used historical line-by-line and market-wide recovery data on defaulted loans between 2000 and 2019 and considered the special servicer’s capabilities when calibrating lifetime recoveries. Scope unsecured recovery rate considers the potential coverage from third party guarantees, when available. Scope considered that unsecured borrowers were classified as defaulted for a weighted average of 4.3 years as of the cut-off date. The analysis also accounted for the current macroeconomic scenario and took a forward-looking view on macroeconomic developments.

For the class A notes analysis, Scope assumed a gross recovery rate of 31.6% (including reported ad-interim collections and expected cash in court collections) over a weighted average life of 7.6 years. By portfolio segment, Scope assumed a gross recovery rate of 46.2% for the senior secured NPL portfolio, 11% for the unsecured and junior secured NPL portfolio and 29.4% for secured leases (the secured recovery rate figure is inclusive of collections from residual unsecured claims after the asset’s sale). Scope applied an average combined security value haircut of 45.5%, which consists of i) an average fire-sale discount (including valuation type haircuts) of 37.6% to security values, reflecting liquidity or marketability risks; and ii) property price decline stresses (12.7% on average), reflecting Scope’s view of downside market volatility risk. Scope’s calculation of the security value weighted average rate excludes any collateral sold between the cut-off date and the issue date.

For the analysis of the class B notes, Scope assumed a gross recovery rate of 37.9% (including reported ad-interim collections and expected cash in court collections) over a weighted average life of 6.5 years. By portfolio segment, Scope assumed a gross recovery rate of 55.1% for the senior secured NPL portfolio, 13.2% for the unsecured and junior secured NPL portfolio and 37.3% for secured leases (the secured recovery rate figure is inclusive of collections from residual unsecured claims after the asset’s sale).

Scope’s analysis considered the servicer fee structure, assumed legal expenses on the NPL portfolio to be around 10% of lifetime gross collections and LeaseCo operating costs at around 18% of lifetime gross collections. Scope captured single asset exposure risks by applying a recovery rate haircut of 10% to the 10 largest borrowers each in the NPL portfolio as well as the non-performing leasing portfolio for the class A analysis.

Sensitivity analysis

Scope tested the resilience of the ratings against deviations in the main input parameters: the portfolio recovery-rate and the portfolio recovery timing. This analysis has the sole purpose of illustrating the sensitivity of the ratings to input assumptions and is not indicative of expected or likely scenarios.

The following shows how the results for class A change compared to the assigned credit ratings in the event of:

• a decrease in secured and unsecured recovery rates by 10%, minus two notches.
   
• an increase in the recovery lag by one year, zero notches.

The following shows how the results for class B change compared to the assigned credit ratings in the event of:

• a decrease in secured and unsecured recovery rates by 10%, minus one notch.
   
• an increase in the recovery lag by one year, zero notches. 

*30 June 2021 (for 85.6% of total GBV), 31 July 2021 (for 7.6% of total GBV) and 30 September 2021 (for 6.8% of total GBV)

Rating driver references
1. Loan-by-loan data tape of the securitised pool (confidential)
2. Servicer historical data (confidential) 

Stress testing
Stress testing was performed by applying Credit-Rating-adjusted recovery rate assumptions.

Cash flow analysis
Scope Ratings performed a cash flow analysis of the transaction with the use of Scope Ratings’ Cash Flow SF EL Model Version 1.1 incorporating default and recovery rate assumptions over the portfolio’s amortisation period, taking into account the transaction’s main structural features, such as the notes’ priorities of payment, the notes’ size and coupons. The outcome of the analysis is an expected loss and an expected weighted average life for the notes.

Methodology
The methodologies used for these Credit Ratings (Non-Performing Loan ABS Rating Methodology, 6 August 2021; Scope's General Structured Finance Rating Methodology, 14 December 2020; Methodology for Counterparty Risk in Structured Finance, 13 July 2021), are available on https://www.scoperatings.com/#!methodology/list.
The model used for these Credit Ratings is (Scope Cash Flow SF EL Model Version 1.1) available in Scope Ratings’ list of models, published under: https://www.scoperatings.com/#!methodology/list.
Scope Ratings GmbH and Scope Ratings UK Limited apply the same methodologies/models and key rating assumptions for their credit rating services, while Scope Hamburg GmbH’s methodologies/models and key rating assumptions are different from those of Scope Ratings GmbH and Scope Ratings UK Limited.
Information on the meaning of each Credit Rating category, including definitions of default, recoveries, Outlooks and Under Review, can be viewed in ‘Rating Definitions – Credit Ratings, Ancillary and Other Services’, published on https://www.scoperatings.com/#!governance-and-policies/rating-scale. Historical default rates of the entities rated by Scope Ratings can be viewed in the Credit Rating performance report at https://www.scoperatings.com/#governance-and-policies/regulatory-ESMA. Also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope Ratings’ definitions of default and Credit Rating notations can be found at https://www.scoperatings.com/#governance-and-policies/rating-scale. Guidance and information on how environmental, social or governance factors (ESG factors) are incorporated into the Credit Rating can be found in the respective sections of the methodologies or guidance documents provided on https://www.scoperatings.com/#!methodology/list.

Solicitation, key sources and quality of information
The Rated Entity and its Related Third Parties participated in the Credit Rating process.
The following substantially material sources of information were used to prepare the Credit Ratings: public domain, the Rated Entity, the Rated Entities’ Related Third Parties, third parties and Scope Ratings' internal sources.
Scope Ratings considers the quality of information available to Scope Ratings on the Rated Entity or instrument to be satisfactory. The information and data supporting these Credit Ratings originate from sources Scope Ratings considers to be reliable and accurate. Scope Ratings does not, however, independently verify the reliability and accuracy of the information and data.
Scope Ratings has received a third-party asset due diligence assessment. The external due diligence assessment was considered when preparing the Credit Ratings and it has no impact on the Credit Ratings.
Prior to the issuance of the Credit Rating action, the Rated Entity was given the opportunity to review the Credit Ratings and the principal grounds on which the Credit Ratings are based. Following that review, the Credit Ratings were not amended before being issued.

Regulatory disclosures
The Credit Ratings are issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0. The Credit Ratings are UK-endorsed.
Lead analyst: Martin Hartmann, Associate Director.
Person responsible for approval of the Credit Ratings: David Bergman, Managing Director.
The Credit Ratings were first released by Scope Ratings on 29 November 2021.

Potential conflicts
See www.scoperatings.com under Governance & Policies/EU Regulation/Disclosures for a list of potential conflicts of interest related to the issuance of Credit Ratings.

Conditions of use / exclusion of liability
© 2021 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Analysis GmbH, Scope Investor Services GmbH, and Scope ESG Analysis GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin. 

Appendix I
ICCREA BANCAIMPRESA S.P.A.
BANCA IFIS S.P.A.
GUBER BANCA S.P.A.
CASSA DI RISPARMIO DI ASTI S.P.A.
CREDITO COOPERATIVO MEDIOCRATI SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI BUCCINO E DEI COMUNI CILENTANI - SOCIETÀ COOPERATIVA
CREDITO COOPERATIVO ROMAGNOLO - BCC DI CESENA E GATTEO - SOCIETÀ COOPERATIVA
EMIL BANCA - CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA CENTRO - CREDITO COOPERATIVO TOSCANA - UMBRIA SOCIETÀ COOPERATIVA
BANCA CREMASCA E MANTOVANA - CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DELLA MARCA CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI TARANTO - BANCA DI CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DEL CATANZARESE - CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI MASSAFRA - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO AGRIGENTINO - SOCIETÀ COOPERATIVA
ICCREA BANCA S.P.A. - ISTITUTO CENTRALE DEL CREDITO COOPERATIVO
VIVAL BANCA - BANCA DI CREDITO COOPERATIVO DI MONTECATINI TERME, BIENTINA E S. PIETRO IN VINCIO SOCIETÀ COOPERATIVA
BANCA DI ANCONA E FALCONARA MARITTIMA CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA 2021 - CREDITO COOPERATIVO DEL CILENTO, VALLO DI DIANO E DELLA LUCANIA - SOCIETÀ COOPERATIVA PER AZIONI
BANCA DI CREDITO COOPERATIVO DELLA VALLE DEL TRIGNO - SOCIETÀ COOPERATIVA
BANCA CENTROPADANA CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO BRIANZA E LAGHI - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI ALTOFONTE E CACCAMO - SOCIETÀ COOPERATIVA
BANCA DI ANGHIARI E STIA - CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO PORDENONESE E MONSILE - SOCIETÀ COOPERATIVA
BANCA DI PESCIA E CASCINA - CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO CAMPANIA CENTRO - CASSA RURALE ED ARTIGIANA - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI BELLEGRA SOCIETÀ COOPERATIVA
CASSA RURALE ED ARTIGIANA DI BINASCO - CREDITO COOPERATIVO SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI BUSTO GAROLFO E BUGUGGIATE - SOCIETÀ COOPERATIVA
CASSA RURALE ED ARTIGIANA DI CANTÙ BANCA DI CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI CAPACCIO PAESTUM E SERINO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO ABRUZZESE - CAPPELLE SUL TAVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI CARATE BRIANZA - SOCIETÀ COOPERATIVA
CREDITO COOPERATIVO DI CARAVAGGIO ADDA E CREMASCO - CASSA RURALE - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI VENEZIA, PADOVA E ROVIGO - BANCA ANNIA SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI MILANO - SOCIETÀ COOPERATIVA
CREDITO PADANO - BANCA DI CREDITO COOPERATIVO SOCIETÀ COOPERATIVA
CREDITO COOPERATIVO VALDARNO FIORENTINO BANCA DI CASCIA - SOCIETÀ COOPERATIVA
BANCA DEL PICENO CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
CEREABANCA 1897 CREDITO COOPERATIVO SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI CITTANOVA - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI FANO - SOCIETÀ COOPERATIVA
CREDITO COOPERATIVO RAVENNATE, FORLIVESE E IMOLESE SOCIETÀ COOPERATIVA
BANCA DI FILOTTRANO - CREDITO COOPERATIVO DI FILOTTRANO E CAMERANO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI GAUDIANO DI LAVELLO - SOCIETÀ COOPERATIVA
BANCA DI PISA E FORNACETTE CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA PER AZIONI
LA BCC DEL CROTONESE - CREDITO COOPERATIVO SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO VALLE DEL TORTO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI CANOSA LOCONIA - SOCIETÀ COOPERATIVA
CHIANTIBANCA - CREDITO COOPERATIVO SOCIETÀ COOPERATIVA
B.C.C. DEL GARDA - BANCA DI CREDITO COOPERATIVO COLLI MORENICI DEL GARDA - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI PACHINO - SOCIETÀ COOPERATIVA
CREDITO COOPERATIVO CASSA RURALE ED ARTIGIANA DI PALIANO SOCIETÀ COOPERATIVA
BANCA VERSILIA LUNIGIANA E GARFAGNANA - CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI PERGOLA E CORINALDO SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI PONTASSIEVE - SOCIETÀ COOPERATIVA
CENTROMARCA BANCA - CREDITO COOPERATIVO DI TREVISO E VENEZIA, SOCIETÀ COOPERATIVA PER AZIONI
BANCA DI CREDITO COOPERATIVO DI RECANATI E COLMURANO - SOCIETÀ COOPERATIVA
BANCA DI RIPATRANSONE E DEL FERMANO - CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DELLA PROVINCIA ROMANA SOCIETÀ COOPERATIVA
BANCA DEL VALDARNO - CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
TERRE ETRUSCHE DI VALDICHIANA E DI MAREMMA - CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI SPINAZZOLA - SOCIETÀ COOPERATIVA
CREDITO COOPERATIVO DI SAN CALOGERO E MAIERATO - BCC DEL VIBONESE SOCIETÀ COOPERATIVA
CASSA RURALE - BANCA DI CREDITO COOPERATIVO DI TREVIGLIO - SOCIETÀ COOPERATIVA
BANCA ALTA TOSCANA CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DEI COLLI ALBANI - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO 'G. TONIOLO' DI SAN CATALDO - (CALTANISSETTA) - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO MUTUO SOCCORSO DI GANGI - SOCIETÀ COOPERATIVA
BANCA SAN FRANCESCO CREDITO COOPERATIVO - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO 'S. GIUSEPPE' DELLE MADONIE - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO SAN MICHELE DI CALTANISSETTA E PIETRAPERZIA - SOCIETÀ COOPERATIVA PER AZIONI
BANCA DI CREDITO COOPERATIVO TERRA DI LAVORO - S. VINCENZO DE' PAOLI SOCIETÀ COOPERATIVA PER AZIONI
RIVIERABANCA - CREDITO COOPERATIVO DI RIMINI E GRADARA - SOCIETÀ COOPERATIVA
BANCA DI CREDITO COOPERATIVO DI SAN MARCO DEI CAVOTI E DEL SANNIO-CALVI - SOCIETÀ COOPERATIVA
BANCA MEDIOCREDITO DEL FRIULI VENEZIA GIULIA S.P.A.