Hogan Lovells has successfully advised Fondo Temporaneo del Credito Cooperativo, an institutional consortium of Italian cooperative banks, on the pro-soluto sale of a non-performing loan (NPL) portfolio valued at €345 million. This portfolio was originally acquired between 2016 and 2017 as part of efforts to consolidate and restructure the Italian cooperative banking system. The acquisition was made by FBS S.p.A., a prominent player in the management and recovery of distressed loans, through the securitisation vehicle Acero SPV S.r.l., in collaboration with Clessidra Capital Credit SGR. This transaction is part of a larger initiative to enhance the stability of the Italian cooperative banking sector, which has seen the formation of two national banking groups and the establishment of a protection scheme for cooperative banks. The Hogan Lovells team, led by managing partner Patrizio Messina and partner Annalisa Dentoni-Litta, played a crucial role in facilitating this significant transaction.