28 Jun Japanese giant, Softbank, enters Cyprus NPLs Market by acquiring Altamira, through Italian Group, doBank
It was announced in March 2019, that the Japanese tech giant, SoftBank is set to enter the non-performing loans (NPLs) market in the Republic of Cyprus, that of Altamira Asset Management Cyprus Limited, through the Italian Group, doBank (https://in-cyprus.com/government-to-get-new-partner-in-altamira/).
Softbank (https://group.softbank/en/), recently acquired doBank (https://www.dobank.com/en), which is the largest Italian loan management service provider, and is now expected to acquire 85% of the Spanish group Altamira (https://in-cyprus.com/a-japanese-tech-giant-in-cyprus/).
It should be noted that doBank has bought Altamira Asset Management Holdings, a holding company, owned equally by entities affiliated with funds managed by Apollo Global Management LLC (https://in-cyprus.com/government-to-get-new-partner-in-altamira/).
Altamira has undertaken the task of managing the NPLs, from the Cyprus Cooperative Bank, that amount to approximately USD 6.3 billion (http://www.philenews.com/oikonomia/epicheiriseis/article/678138/enas-iaponikos-kolossos-stin-kypro).
The European Commission has considered the bid for Softbank to acquire the Spanish group, through the Italian doBank, to ensure that it is compatible with EU Regulations. Specifically, it declared, in its Notice, that it is compatible with the internal market and with the EEA Agreement (http://ec.europa.eu/competition/mergers/cases/decisions/m9290_64_3.pdf).
Softbank is a Japanese multinational holding conglomerate, established in 1981 and has its headquarters in Tokyo.
The company is involved in broadband, fixed limited telecommunications, finance and technology services, amongst others, and has strategic alliances with Qustodio Technologies S.L., Alibaba Group Holding Limited, Brain Corp., Sequans Communications S.A., Sumitomo Life Insurance Company, Toyota Motor Corporation, and Vodafone Group Plc (https://in-cyprus.com/a-japanese-tech-giant-in-cyprus/).
The Japanese giant is also a major shareholder in companies such as Yahoo Japan with 43%, Sprint Corporation with 84.7%, Brightstar Global Group with 87.1%, Arm Limited with 100% and Softbank Corporation with 99.99%. It also participates in the share capital of the Chinese giant Alibaba, with a total voting right of 29% (http://www.philenews.com/oikonomia/epicheiriseis/article/678138/enas-iaponikos-kolossos-stin-kypro).
SoftBank’s USD 100 billion Vision Fund is transforming Silicon Valley’s start-up economy, with its largest investor being Saudi Arabia’s Public Investment Fund, which had committed USD 45 billion to SoftBank’s inaugural fund.
The entering of the Japanese giant into the Cyprus NPL market, is a strong globalization example, of how a series of significant deals, on a European level, as well as international level, inevitably affect the market of Cyprus.