Hong Kong distressed asset investor SC Lowy is rebalancing its shipping portfolio from Asia to Europe, and it sees Italy as a prime opportunity.
The acquisition of Italian bank Credito di Romagna (CdR) in April will provide a domestic platform and regulatory cover for further bad-debt investments.
So says co-founder and chief investment officer Soo Cheon Lee, following SC Lowy’s acquisition, announced this month, of the bad shipping loan portfolio of the world’s oldest bank, state-controlled Banca Monte dei Paschi di Siena (BMPS).
