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Archive » April 2025 » Npl servicers and debt recovery operators: consolidating and specialising as the boom ends

Npl servicers and debt recovery operators: consolidating and specialising as the boom ends

Alessandro Carpinella, Giampaolo Masciadri, Mariachiara Accica
April 2025 - n. 4
Keywords: Non performing loans, mercato, banche
Jel codes: G21, G28, H80

After a decade and a half of rapid growth, the pace is slowing down. The 2019-2023 performances of around 260 operators still shows increases in revenues and profit margins. However, the reduction in banking Npl, limited forecasted new flows, pressure on margins and regulatory discontinuities raise doubts on the sustainability of a market that, compared to others, has worked less on economies of scale. In a context noticeably concentrated among the top 20 large players (75% of volumes), more than half of the market (represented by entities with fewer than 10 employees) has experienced a substantial stagnation of the performance. Aggregations and the search for a truly distinctive specialization will characterize the future trajectory for hundreds of medium and small operators.

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