...Consolidation in Compass Banca: In July 2025, as part of a strategic repositioning, MBcredit Solutions S.P.A. (MBCS) was consolidated with Compass Banca and is now part of Mediobanca Group's consumer finance division. Most internal functions (e.g. compliance, risk management, internal audit) have been centralised within Compass, which has been carrying out these activities for all the other group companies. The consolidation is expected to provide the servicer with the expertise and infrastructure of a larger bank. No Defined Plan After Takeover: Following Banca Monte dei Paschi di Siena (MPS) group's acquisition of a 86% stake of Mediobanca, there has been no defined plan for MBCS operations. In its analysis Fitch considered the operational ties between MPS and Compass and a history of agreements for the distribution of Compass products through MPS sale channels. Fully Third-Party Servicer: Since the sale of its EUR6.5 billion portfolio to Banca IFIS in 2023, MBCS has shifted its focus...
