In 2016, the company efficiently absorbed a sharp increase in the portfolio. Furthermore, the servicer reasonably expects to grow further. Opportunities for special servicing in the Italian market remain plentiful, particularly with regards to unlikely-to-pay loans. In our view, the company is well positioned to attract additional business and generate growth for all asset classes under management. FBS reorganized its structure to meet the regulatory requirements as a financial institution registered under article 106. Since 2016, the former managing director in charge of business development is now chairman with no executive responsibility, and the founder and former chairman has taken over the CEO's responsibilities. The company also appointed a new head of risk management and compliance, and an associate director
